A 23-story, 332-unit residential high-rise in downtown Portland has sold for $63.3 million. Multifamily property owner, operator and developer Guardian acquired Ladd Tower in partnership with investment manager PCCP (Pacific Coast Capital Partners) of Los Angeles.

Ladd Tower is located at 1300 S.W. Park Ave., along the South Park Blocks. The building’s previous owner was institutional investor Invesco, according to Guardian.

Built in 2009 and rated Leadership in Energy and Environmental Design gold, Ladd Tower includes more than 255,000 square feet of residential space and a full suite of amenities, a press release states.

Guardian plans to implement an $8 million capital improvement program in the building over the next three years. The focus will be on modernizing units’ interiors and enhancing amenity spaces to align with renters’ evolving needs. The value-add strategy is designed to increase net operating income and further strengthen the asset’s position within the Portland urban core market, the press release states.

The post Portland-based Guardian joins PCCP to purchase Ladd Tower appeared first on Daily Journal of Commerce.

Portland City Council voted unanimously on Wednesday to authorize issuance of revenue bonds totaling up to $80 million (plus associated costs) to finance curb, ramp and street improvement projects in the city.

The ordinance provides funding for Americans with Disabilities Act upgrades through fiscal year 2026–2027 in compliance with a federal settlement agreement. The bonds will be repaid over 15 years, with annual debt service estimated at $7.68 million to be split evenly between the city’s general fund and transportation operating fund.

As part of the settlement agreement, the city of Portland is required to provide at least 1,500 new or remediated, ADA-compliant curb ramps per year through 2030.

The bonds will finance a portion of projected curb, ramp and street improvements required by the settlement agreement through fiscal year 2026-2027. During that time frame, the balance of annual projected settlement agreement costs is expected to be funded within related Portland Bureau of Transportation capital improvement budgets and/or other transportation revenues.

The funding will be used to complete a minimum of 1,500 new or remediated, ADA-compliant curb ramps in the next two fiscal years, plus reimbursement for certain related project expenditures that occurred in fiscal year 2024-2025 in compliance with the settlement agreement.

During a City Council meeting on April 23, PBOT Director Millicent Williams said that the project is on pace, but delivery of ramps is an expensive venture. The bond funding will allow the project team to continue its work at its current pace. PBOT designed the ADA ramps in-house, Williams said.

PBOT’s intent is to return before the council in two years to seek additional funding.

The post Portland OKs bonds up to $80 million for ADA upgrades appeared first on Daily Journal of Commerce.