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A Portland developer is moving forward with a major renovation of the Fairmount Apartments, a historic building in Northwest Portland.

Urban Development + Partners plans to modernize the 112-year-old building, but keep the number of units close to the existing 79.

鈥淲e’re going to try to restore it to its glory,鈥� said Joren Bass, development manager for UDP.

The 40,175-square-foot building is listed on the National Register of Historic Places. It was built as the Fairmount Hotel for the Lewis and Clark Centennial Exposition in 1905.

The exterior will be renovated; however, its historic character will be preserved, said Seth Moran of Portland firm Michael Flowers Architect.

鈥淓ssentially, the project is a gut remodel while keeping as much of the historic character in place as possible,鈥� he said.

UDP’s renovation will not enlarge the building’s footprint, Moran said.

After the renovation, apartments will be leased at market rates. Rents had been kept low because property taxes were frozen at levels dating back to 2000.

The Fairmount renovation will cause some upheaval for residents, who will be asked to move. 鈥淭he renovation 鈥� it’s too extensive to keep anyone in the building,鈥� Moran said.

Bass said that the timing of the renovation is uncertain because it’s still in the planning stages. It’s not clear when residents will need to move.

鈥淚t’s an interesting mix of people who have been there for 20 years and a bunch of 20-something hipsters who live there because the rent is cheap,鈥� Moran said.

The project is adding to a surge in apartment redevelopments in Portland as young professionals flock to the city amid a tight rental market. For the third consecutive year, Oregon was identified as the top destination for movers by United Van Lines, which tracks state-to-state migration patterns.

The Fairmount Apartments building stands at Northwest 26th Avenue and Upshur Street. The industrial neighborhood has continued to draw investment by developers.

鈥淚t’s been an attractive neighborhood for quite some time, and I expect that to continue,鈥� Bass said.

The property sold for $5.2 million in October to Fairmount NW LLC. It previously sold, in 2012, for $4.2 million.

Project backers are scheduled to meet Feb. 3 with the Portland Bureau of Development Services for a pre-application conference.