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The 93-unit Vibrant! affordable housing project is being touted as another example of Portland’s penchant for building public-private partnerships.

The 12-story mixed-use tower opened last week on a quarter-block at the northwest corner of Northwest 14th Avenue and Raleigh Street in the Pearl District. A celebration was held for project team members from general contractor Bremik Construction, design firms LRS Architects and Salazar Architect, and nonprofit developer Innovative Housing Inc. (IHI), which will manage the building.

鈥淚t’s a really cool example of affordable housing integrated into a vibrant neighborhood,鈥� Portland Housing Bureau Affordable Housing Director Karl Dinkelspiel said Thursday. 鈥淚t’s an apropos name, for sure.鈥�

The Housing Bureau teamed with Home Forward to procure a developer, and also contributed $11 million of city dollars. Roughly $20 million more in private funding was secured, Dinkelspiel said.

Vibrant! features post-tensioned concrete slabs with just over 104,000 gross square feet of floor space. The building will offer ample community space, a roof deck, an indoor/outdoor play space for children that opens to a second-floor courtyard with play equipment, a large bike room on the second floor, and a ground-floor bike lounge with a washing station. The ground floor will also host a coffee shop.

The city acquired the site from Hoyt Street Properties for just $1.3 million as part of an agreement between the development firm and the city to develop at least 35 percent of the 34 acres owned by the firm in the Pearl District as affordable housing.

IHI was selected as developer through a competitive bidding process. Ground was broken on the project in June 2017.

Because of the acute need for family housing, Vibrant! has 32 three-bedroom units and 31 two-bedroom apartments in addition to 30 one-bedroom units. Forty of those are subsidized and reserved for houseless families. The others are reserved for individuals and families with incomes at 30 percent, 50 percent and 60 percent of the area median income. Preleasing began in November, and rents currently are from $350-$775 for a one-bedroom unit, $422-$932 for a two-bedroom unit, and $487-$1,022 for a three-bedroom unit.