91视频

The developer of a new mixed-use building in Portland’s Boise neighborhood is looking to draw young, urban professional tenants with a series of unique amenities and nods to the local music scene.

Fore Property recently completed the Revere, a 211-unit multifamily project with ground-floor retail and restaurant space. The building, at the intersection of North Mississippi Avenue and Fremont Street, offers a mix of market-rate studios, one-bedroom and two-bedroom apartments.

鈥淚t was vacant property before we acquired it, and it was a challenging site because it was very steeply sloped,鈥� said Lee Novak, Fore Property‘s vice president of development for the Pacific Northwest. 鈥淚t made it difficult to design, but Holst Architecture did a wonderful job of making it a modern-looking building. I think it’s one of the more attractive buildings out there right now.鈥�

The Las Vegas-based developer, which has completed five multifamily projects in the Portland-metro area, acts as its own general contractor.

References to the city’s music scene are apparent throughout the building. A collection of vibrant concert posters by Portland artist Mike King and his company Crash Design adorn the building’s walls. Posters for influential local artists including Dead Moon, Wipers and The Shins hang alongside those for national and international artists that have passed through town.

鈥淐rash Design has been doing these great concert posters for a long, long time,鈥� Novak said. 鈥淚 saw their art in a store here in town and thought, 鈥榳hat a great theme for a project.’ So we’ve been really lucky to use his art throughout the building. It celebrates not only music, it celebrates music in Portland, and it’s just fun.鈥�

The building also features a karaoke room and a community room with a turntable and hundreds of record albums.

鈥淵ou can go in, spin your own music and connect with people,鈥� he said. 鈥淲e’ve really tried to make this a fun, music-focused place. Mississippi Studios is on this street, and as one of the best venues in town we really want to connect to that energy.鈥�

Other amenities include a bouldering wall 鈥� the first in a multifamily building in the area 鈥� as well as conference spaces for work-from-home employees, a fitness center with a yoga studio and a sauna, below-grade parking, and a rooftop deck with planters full of wildflowers, fire pits, and a barbecue station.

A 3,000-square-foot ground-floor commercial space will house The Sudra, a popular vegan Indian restaurant that is relocating from St. Johns.

The building consists of four levels of wood-framed apartments over two levels of post-tensioned concrete. It is clad in metal siding with ipe wood accents and brick masonry.

Fore Property recently completed the 168-unit Northpointe Apartments, also designed by Holst Architecture, on North Skidmore Street, and is nearing completion on a 179-unit project in Vancouver, Washington.

The Revere was permitted prior to the implementation of Portland’s inclusionary housing rules, a policy Novak noted has made it 鈥渋ncreasingly challenging鈥� to develop large multifamily projects in the city.

鈥淲e’ve had higher construction prices and lower rent growth,鈥� he said. 鈥淏ut inclusionary housing basically put us past the point where deals were financially feasible. It was really the straw that broke the camel’s back.鈥�

Fore Property’s next two metro-area projects will be built in Happy Valley and Hillsboro, respectively, due in part to the challenge of financing projects in the city of Portland.

鈥淎ll of us who do this, we’re competing for investment dollars with projects all across the country,鈥� he said. 鈥淪o if you’re a pension fund that invests in these kinds of projects, you don’t have to be in Portland. You can take your money and go to Phoenix. So that’s what we’ve seen financing sources do, and we can’t do these projects without them.鈥�