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Greystar, a major development and property management firm based in Charleston, South Carolina, is the developer behind a proposed 30-story tower at Southwest Fourth and Washington Street in downtown Portland.

鈥淲e’re looking at a tower that will have a residential, hotel and retail component,鈥� said Brad Schnell, managing director of development for Greystar’s Portland office.

The property, as proposed in a pre-application notice, would include 300 to 350 residential units and five floors of underground parking.

The hotel brand is to be determined, Schnell said. The tower will also likely feature a ground-floor restaurant.

鈥淚t’s an evolving neighborhood, and we’re going to work to showcase the food scene, the tech scene,鈥� Schnell said. He noted the property is near the future James Beard Market and the thriving Pine Street Market.

The property at 401-419 SW Washington St. is owned by Menashe Properties. Greystar has the property under contract, but the purchase has not closed, Schnell said. Neither side would disclose the purchase price.

Greystar has developed projects throughout the nation, but nothing of significant scale in Portland. 鈥淲e’ve bought a number of deals here,鈥� Schnell said. 鈥淭his is our first big development deal here.鈥�

Greystar is also a major owner of apartment rental properties. Nationally, the company has more than 400,000 multifamily units under management and a domestic development pipeline of $1.4 billion.

Julie Bronder of ZGF Architects is listed on the application for the Washington Street project. ZGF has designed other recently built Portland towers, including Park Avenue West and Indigo at Twelve West.

Schnell said ZGF is 鈥減robably the foremost architect鈥� for this type of project. 鈥淕reystar is always looking to push the design envelope,鈥� he said.

Menashe Properties purchased the Washington Center building in 2014 for $9 million. Jordan Menashe said he and his father, Barry, purchased the property 鈥渨ith a lot of hair on it鈥� 鈥� including existing tenants and other complexities 鈥� but also strong potential.

鈥淏arry had the eye for it, and we still believe today, it’s one of the best pieces in Portland for what and how big you can develop, and where it is coming off of the Morrison Bridge,鈥� Jordan Menashe said.

The property was recently the site of a temporary homeless shelter in a deal struck between the Menashes and Mayor Charlie Hales’ office.

Jordan Menashe said the family firm is interested in a continuing relationship with the project.

鈥淲e would welcome the opportunity to discuss a way to stay involved in the deal because we believe in Greystar and what they plan to build,鈥� he said.

Greystar’s big move comes as other developers propose what could be some of Portland’s tallest buildings. Urban Renaissance Group has proposed building up to 29 stories at the former Oregonian Publishing blocks in Goose Hollow. A pre-application notice was published Monday for a mixed-use tower of unspecified size at Southwest 11^th Avenue and Washington Street. And the Goodman family’s Ankeny Blocks proposal calls for five towers of 460 feet each.

Schnell said the 30-story project is supported by strong population and job growth and continued low vacancy rates in downtown Portland.