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The old Oregon Ballet Theatre building in Portland’s Buckman neighborhood is fenced off and days from being razed, with a six-story, mixed-use project ready to rise in its place.

The city recently issued permits for demolition, shoring and concrete work on the Modera Belmont project site at , a proposed 200-unit, five-over-one structure by Mill Creek Residential Trust. The Texas-based merchant developer closed on a $6.5 million land sale with OBT last month. Serving as its own general contractor, Mill Creek is also currently at work on the Modera Pearl project in the Pearl District.

Subcontractors so far have performed soft demolition and asbestos abatement on the old OBT building, which was constructed as a Wells Fargo bank 50 years ago. Bulldozers and other heavy equipment should move in next week, according to Sam Rodriguez, senior managing director for Mill Creek. Permits for construction of the building superstructure could be approved in two months, he said. The project timeline is 22 months, with completion scheduled for October 2017.

Earlier this week, Oregon Ballet Theatre began operating in its new South Waterfront location at 0720 S.W. Bancroft St.

Modera Belmont’s architect is SERA Architects. Plans call for 11,469 square feet of commercial space with a basement garage with 105 parking spots, two loading docks and storage space for 302 bicycles. The U-shaped building will feature a ground-level courtyard and a gathering area on the east side of the roof.

The site is a full city block in Portland’s Central Eastside, bounded by Southeast Sixth and Southeast Seventh avenues and Southeast Morrison and Southeast Belmont streets.

The project didn’t have a simple trip through design review; the Design Commission held five hearing on it in six months before voting to approve in August. Several significant revisions were made, including the addition of more retail space on the ground floor, more balconies and alterations to the facade.