Downtown Development Group didn’t have to look far for guidance on Eleven West, a 25-story mixed-use tower under construction in Portland’s West End.

Twelve West, directly across Southwest Washington Street, between 12th and 13th avenues, opened in 2009 with ZGF Architects as the anchor office tenant. The gleaming glass tower topped by windmills was one of the landmark buildings completed during the Great Recession era.

“It set the high-water mark at the time,” said Matthew Goodman, vice president of the Portland real estate development firm. “And this will do the same.”

Much of the same team has reunited for Eleven West. Downtown Development Group is the property owner and co-developer. Green Cities and Edlen & Co. (successor firms of Gerding Edlen) are also co-developers, but for fees only. ZGF Architects is designing the building.

Eleven West will be a sister tower to Twelve West – approximately the same size and with similar programming. When completed next year, the mixed-use building will offer 117,000 square feet of office space, 213 apartments and approximately 8,000 square feet of retail space. Parking will be provided via approximately 220 underground stalls.

Twelve West provided a “proof of concept,” Goodman said.

“We were able to build a very similar program across the street, and the program was quite successful,” he said. “Our intention was not to reinvent the wheel. At the same time, we wanted to elevate what we did at 12-W and improve upon it.”

For Eleven West, Downtown Development Group brought on an equity partner: Cresset Partners. Eleven West is one of seven properties in Cresset’s first opportunity zone fund, which closed in 2020. The Chicago-based investment firm has since opened a second fund.

The Eleven West property was swept into Portland’s opportunity zone that was created by Gov. Kate Brown and Oregon lawmakers in response to a 2017 federal law. Formerly a surface parking lot, the half-block property was part of the Goodman family‘s parking business that later provided a virtual Monopoly board of downtown properties available for redevelopment.

Some analysts have ranked Portland’s opportunity zone – covering much of downtown, the West End and the Central Eastside – as the most attractive for real estate investment in the U.S. Development has boomed in the West End, including BPM Real Estate‘s 35-story Ritz-Carlton tower at Block 216, the Moxy Hotel and Unico Properties‘ redevelopment of the Galleria building.

Eleven West enjoys the “best corner in the West End,” said Nick Marietti, managing director for Cresset.

Cresset was attracted to the location, the Goodmans’ development record and the promised quality of the project, Marietti said.

“Our funds are designed to target institutional quality, best-in-class ground up development in opportunity zones around the country, with the goal of creating a diversified portfolio in both product type and geography,” he said.

Downtown Development Group organizes its investment in Eleven West through a single-asset opportunity zone fund. Such funds provide capital gains tax benefits that encourage property investors to hold the assets for at least 10 years.

Eleven West’s construction comes as downtown Portland has struggled to fully emerge from the pandemic. Vacancy rates have surged in the city’s office sector as the pandemic scrambled employers’ needs and expectations for the workplace.

Goodman believes the office space will come to market at the right time.

“We’re lucky that we didn’t deliver in ’21 or ’22,” he said. “Time is our friend, as hopefully the pandemic wanes and people are returning to their offices.”

Eleven West will slot in among the pricier office assets on the market. Asking rents are in the high $30s to $40 per square foot on a triple-net basis. CBRE is representing the office space, while Commercial Realty Advisors represents the retail suites.

Eleven West’s office space, Goodman said, will benefit from a “flight to quality” that the office market has experienced since the pandemic began. Companies are looking for offices that lift their profile and help attract and retain employees, he said.

The building includes many touches aimed at the high-end market, including cantilevered balconies on floors six and seven that will extend over the neighboring Culver building, which the Goodmans also own – meaning they control the air rights. The eighth floor features a swimming pool that will likewise be cantilevered over the side.

“We really enjoyed getting to nerd out on the major design moves in the building,” Goodman said.

For office users, the glass façade features panels that can slide fully open to outdoor air. Floor plates range from 17,000 square feet to 20,000 square feet. Office users and residents will have separate entrances, lobbies and amenities.

“We needed each of the asset classes in the building to stand on their own,” Goodman said.

The pandemic hit before construction began, enabling the project team to upgrade to MERV 13 air filters throughout and bipolar ionization systems in office spaces and common areas.

Twelve West was the first mixed-use high-rise in the nation to achieve Leadership in Energy and Environmental Design platinum status. The same status is being targeted for Eleven West.

Turner Construction is serving as general contractor. Completion is expected in early 2023, and office tenants could begin building out improvements as early as the third quarter of this year, Goodman said.

For Downtown Development Group, Eleven West represents a bet that Portland tenants still want luxury office, residential and retail space – and will pay for it.

“There’s always a market in Portland for that high level of quality,” Goodman said.

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Canvas at Press Blocks, a nine-story building, is bringing 132,500 square feet of office space to market in Portland’s Goose Hollow neighborhood amid rapidly changing economic conditions.

The project from Seattle-based developer and property manager Urban Renaissance Group adds inventory to an urban office market weakened by a glut of supply, the COVID-19 pandemic and widely publicized destructive protests.

“It is a very competitive market right now, and tenants are considering all options,” URG CEO Patrick Callahan stated via email. “Our location will appeal to tenants looking at both urban and suburban locations, with plenty of parking and great transit access. For the right tenant, we’re willing to get creative.”

Canvas is the first of two phases for the Press Blocks. The second will be headlined by the Plaza Building, a 23-story residential tower with 342 units. A smaller, 30,000-square-foot commercial building will have office space, ground-floor retail suites and an outdoor public plaza.

The Press Blocks buildings were planned during the longest economic expansion on record that stretched for more than 10 years following the Great Recession. URG invested heavily in Portland. Other developers were investing, too: More than 1 million square feet of office space is expected to be delivered in Portland this year. Through the third quarter, 869,067 square feet had come online, according to JLL.

“There’s a lot of space coming online,” said Tim Harrison, research manager at JLL in Portland. “Any tenant looking for space is going to have the pick of the bunch. They’re going to have all of the options they need.”

Like other new projects, Canvas at Press Blocks faces economic headwinds that were hardly foreseeable when they broke ground. Total vacancies in Portland’s Central Business District rose to 15.9 percent during the third quarter, and rents fell 0.7 percent to $37.41 per square foot on average, according to JLL. .

in a recent report from PWC and the Economic Lands Institute, placing it significantly below average of the markets studied. Downtown rents have not dived yet, Harrison said. Instead, landlords are getting creative with concessions such as free-rent periods or ample tenant improvement budgets.

“Investors are pretty reluctant to decrease that face rate,” Harrison said. Nevertheless, he added, “landlords are getting creative where they need to be.”

Jordan Menashe, CEO of Menashe Properties, said the office market is already showing signs of a turnaround, and more tenants are asking about lease extensions. The family firm owns and manages more than 1.5 million square feet in the Portland area.

“I can say with confidence that we’ve hit the trough,” he said. “This will be the sharpest and quickest recession to date in American history.”

As downtown faces a glut of new office projects, the suburbs are seeing an uptick in leasing activity. “Beaverton is having its time in the limelight for sure,” Harrison said. He said he expects the fortunes of suburban and downtown office space to widen in 2021.

“The suburbs are healthy,” he said. “I wouldn’t say they’re booming, but they’re healthy, whereas the urban core will not be for at least the next 12 months.”

The move to the suburbs upends developers’ strategies during the recent expansion. Conventional wisdom held that young, talented workers preferred to live and work in urban cores close to amenities. That thinking drove projects such as Block 216, Eleven West and 250 Taylor.

Those projects balance office space with other uses. That may benefit Portland’s downtown core during the downturn, as relatively small chunks of office space are more readily absorbed, Harrison said. “150,000 square feet of office is not that big of an office building in the grand scheme of things,” he said.

Meanwhile, the suburbs have seen little to no speculative office development, resulting in tighter inventories, Harrison said.

Canvas at Press Blocks is part of a burst of development in Goose Hollow, which sits just west of downtown. As in the Pearl District, new higher building heights allowed by the Central City 2035 zoning plan contributed to increasing densification in what had been low-slung neighborhoods.

In addition to Press Blocks, the Providence Park expansion, Wood Partners’ 21-story ART Tower and Greystar Real Estate Partner’s eight-story building at 1715 S.W. Salmon St. have remade the neighborhood.

Canvas at Press Blocks is attracting interest, Callahan stated. Migration Brewing has taken a rooftop taproom. For office tenants, the building offers 19,000-square-foot floor plates.

“We’ve had several potential anchor tenants look at the building and would welcome the opportunity to do a deal with any of them,” Callahan stated. “We have one full floor built out in move-in ready condition and we’re ready to do a deal there, even on a short-term basis. We also have great retail space on the ground floor and are excited about activating the streetscape around Providence Park.”

The new project will also have to deal with changing perceptions of Portland’s urban core. Protests that have often resulted in shattered windows and graffiti have been shown on TV news channels around the world.

The months of protests “certainly has” had an impact, Harrison said. “Long term, I don’t think it has an effect. Companies are going to keep coming downtown.”

Callahan is among those who think it’s time for the downtown streetscape to return to a sense of normalcy. He noted that Goose Hollow hasn’t seen the level of protests that the downtown core has had.

“All the boarded-up windows have hurt the perception of downtown Portland,” he stated. “With the protests abating, it’s time for tenants and property owners to take down the plywood.”

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Construction of a 25-story tower in Portland’s West End is due to begin in early 2020 after the development team received a substantial investment from a Chicago-based group.

Cresset Partners and the Goodman family will be equal partners in a large-scale opportunity zone fund to kick off Eleven West. The mixed-use building planned at Southwest 11th Avenue and Washington Street will hold 222 multifamily units, 116,000 square feet of office space and 7,900 square feet of retail space.

The building will be a sister structure to Twelve | West, which was completed in 2009 and fetched $206 million when it was sold to Greystar Real Estate Partners in July 2018. Both projects were designed by ZGF Architects, with Gerding Edlen serving as developer.

Eleven West was approved by the Portland Design Commission in October 2017, but construction was delayed while the Goodmans sought financing.

The Goodmans hired Newmark Knight Frank in San Francisco to attract an opportunity zone partner. The firm found Cresset.

Critics say opportunity zones haven’t met their intended purpose of sparking investment in impoverished areas. Instead, across the nation, opportunity zone funds have presented investment opportunities in areas much like Portland’s West End – one of the hottest and most expensive real estate submarkets in Oregon.

Greg Goodman, president of Downtown Development Group, said if not for opportunity zones, Eleven West would have been the receiving end of a 1031 exchange – a tax treatment that allows investors to defer paying capital gains on real estate sales. Instead, state, county and city governments will receive taxes from the Eleven West project, he said.

“The state will get a big tax check they wouldn’t have otherwise gotten,” Goodman said.

Opportunity zone rules also encourage investors to hold onto properties for longer terms to fully realize tax advantages.

“It allows investors to take a longer-term approach and not be worried about building into an overbuilt market,” Goodman said.

Another opportunity zone fund is being used to attract investors to the 35-story Block 216 project in downtown Portland. That fund is managed by Baker Tilly Capital of Philadelphia.

Also, Sturgeon Development Partners is using an opportunity zone fund for a hotel project in Salem and possible future development projects.

Construction of Eleven West is slated to begin in late January, with Turner Construction serving as general contractor, Goodman said.

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In the past few years, a growing influx of new tech workers and residents has helped transform the city of Portland.

This population growth and demographic change has, in part, allowed the Goodman family and its Downtown Development Group to begin to put into action a series of development moves, including its ambitious . It calls for 11 new buildings, including five high-rises, on downtown properties near the Willamette River between Washington and Burnside streets. One of the first projects is 230 Ash – a modest, six-story mixed-use building, but much more is planned by Downtown Development Group – one of the oldest development firms in Portland.

For instance, preliminary plans have been formed for Downtown Development Group to work with a local, unidentified engineering firm on a net-zero building at the intersection of Southwest First Avenue and Pine Street.

“It will be like the Bullitt Center in Seattle,” Downtown Development Group co-President Gregory Goodman said, referring to the commercial building that opened in 2013 and was certified as a “living building” by the International Living Future Institute. The six-story, 52,000-square-foot structure uses solar panels and other green features to produce more electricity than it uses over the course of a calendar year.

Meanwhile, talks with an outside developer, Gregory Goodman said, have been ongoing about a possible project at the west end of the Morrison Bridge on Block 40, as well as another on a half-block site that currently serves as a parking lot just south of the Pine Street Market.

“We’ve had interest from people, but we don’t know what we’re going to do with that half block yet,” he said. “We were thinking a heavy-timber office building or maybe more housing, or a hotel? We’re trying to sort through all of that now. We’ve definitely had a lot of interest in other sites.”

Also, on Wednesday, the city received a proposal for a 33-story tower and podium building to be constructed on the full block owned by the Goodmans that is bounded by Southwest Ninth and 10th avenues and Washington and Alder streets. The project would include 750,000 square feet of office, hotel and residential space above ground and four and a half floors of underground parking.

The block is home to the largest collection of food carts in the Portland area.

One project that has moved along is Eleven West, which received approval from the Portland Design Commission in December 2017. ZGF Architects has designed the project for developer Gerding Edlen. The site is Southwest Washington Street, between 11th and 12th avenues. Plans call for a 24-story building featuring 7,900 square feet of retail space on the ground floor. Floors two through seven will hold 110,000 square feet of office space, while floors eight through 24 will hold 222 luxury apartments averaging 980 square feet each.

In addition, there will be four floors of below-grade parking accommodating up to 260 vehicles. A 7,900-square-foot rooftop amenity space will round out the project.

At 290 feet tall, Eleven West is intended to be “an iconic structure for our city in the west end,” Downtown Development Group co-President Mark Goodman said.

It’s also intended to mirror the Twelve West building finished in 2009 less than a block away. That building, rated Leadership in Energy & Environmental Design platinum, also developed by Gerding Edlen with Downtown Development Group as the largest investor.

“(Eleven West) has the benefit of two things,” Downtown Development Group Vice President Matthew Goodman said. “It has a proxy across the street that has performed very well. And, second, like any development, you learn from the things that went well, and we have the benefit of hindsight in having the parcel across the street and in the West End more generally. I don’t know if there’s a better location to be building that product right now.”

Currently, the project remains stalled because of needs for permits and full financing. In regard to the latter, Downtown Development Group is looking for a sizable financial partner, Matthew Goodman said.

“We want to be equity holders,” he said. “It’s an equity race, and we are trying to shop our partnership equity. With Twelve West we capitalized with a handful of families, but for this we’ll be looking for one large, potentially institutional investor. We’re kicking off the process and are hoping to have it wrapped up by the end of the summer.”

Eleven West, when it is finished, will join a surging West End replete with new office and hotel space. Projects include:  new six-story office building at Southwest 12th Avenue and Morrison Street; an 11-story, 179-room Moxy Hotel designed by DLR Group for a quarter-block parcel along Southwest Alder Street between 10th and 11th avenues; and a 15-story, 220-room Hyatt Centric hotel being built by Mortenson Construction on the same block at the corner of Alder Street and 11th Avenue.

“Look at the West End in the last year and it’s amazing,” Mark Goodman said. “It’s really got quite a there-there energy.”

Market conditions may soon change, he noted. But with interest rates still at historic lows, this may not be quite so important to investors and developers. This is, in part, what gives continuing impetus to projects like Eleven West.

“You have to acknowledge we’re toward the end of a development cycle,” he said. “But also key is that the cost of money is still historically cheap. Where you look at it from our perspective, where you look at holding it for many cycles, it’s more important to have low cost of funds than to directly develop into the right cycle.”

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Gerding Edlen‘s Eleven West project largely earned praise before a packed hearing at the Portland Design Commission on Thursday. While commissioners liked the overall concept, they did feel it needed some fine touches before it would meet design guidelines.

“I think your analysis and presentation on context and how you drew from that is exemplary,” said Commissioner David Wark.

The main problems commissioners had with the design were with what they considered an overuse of features — balconies, a swimming pool and decks – that extended from the facade of the 24-story building.

“The building has so much positive going on with it,” said Commissioner Don Vallaster. “The only issues I would have are some of the articulation needs to be clearer, simpler and stronger.”

When completed, the building at the corner of Southwest Washington Street and Southwest 11^th Avenue will stand 291 feet tall. It will have 7,500 square feet of ground-floor retail space, and 110,000 feet of office space on the second through seventh floors.

The design by ZGF Architects also includes 222 market-rate apartments along with a roof deck and an outdoor pool.

“This is an important building for us as a firm because it’s next door to us,” said Gene Sandoval, a partner at ZGF Architects.

Sandoval said Eleven West was designed to complement Twelve West, which sits across the street. The latter building was designed by ZGF Architects and houses the firm’s offices.

For Eleven West, ZGF designers used a combination of refinished aluminum plate panels, a board-form concrete base and insulated windows to create a bronze facade to distinguish the project and compliment the Portland skyline.

The building owner, Downtown Development Group, also wanted a variety of balconies and an outdoor swimming pool to extend from the building’s eighth level, 150 feet in the air.

The high number of features extending from the building didn’t sit well with several of members of the Design Commission, however.

“(Twelve West) is a really clear building,” Vallaster said. “I think everybody has admired the simplicity and clarity of it. (Eleven West) could take up a little more of that.”

Another sticking point, in Wark’s opinion, was a lack of canopies. The city’s design guidelines encourage the use of canopies to enhance the pedestrian experience. However, Commissioners Vallaster and Andrew Clarke had few problems with the lack of canopies.

“Adding canopies would hurt the clarity of the first floor,” Clarke said.

While members of the Design Commission focused on the building materials and amenities, public testimony focused on a call for more trees and the fact that the views of murals on two neighboring buildings would be obscured or covered. Eleven West will cover up a horizontal mural of a woman’s face near Southwest 12th Avenue. Designers did leave a small cutout so that the Capax Infiniti mural on Southwest 11th Avenue is still visible, but neighbors weren’t appeased.

“The mural is beautiful, but it is designed to be seen from a distance,” said Lindsay Armstrong, who lives in the neighboring Carlyle Building on Southwest 11th. “I feel cutting a little notch for it, (which) may only encourage loitering, is the equivalent of viewing the Sistine Chapel in a closet.”

Although the Design Commission sent the project back for revisions, the consensus from members was that the building could pass at its next appearance before the group on Oct. 19 with fairly minor adjustments.

“It’s an excellent project at this point, but it does need some editing and simplification,” Wark said. “Some of the greatest strengths of the (Twelve West) are the restraint(s).”

In other Design Commission hearing decisions on Thursday:

• Commissioners sent the proposed five-story, 86 residential-unit Glisan Street Apartments project back to C2K Architecture for further revisions. The project will also include 750 square feet of ground-floor retail and 22 parking spaces. Commissioners said the project, which is owned by Second City Real Estate, needed changes to the bay articulation, the base of the building and the garage area. The project will return to the Design Commission on Oct. 19.

• Commissioners sent 11^th & Clay, a SERA Architects project at the corner of Southwest Clay Street and Southwest 11^th Avenue, back for further revisions.  The Housing Northwest development at 1110 S.W. Clay St. will stand 16 stories and will include a retail unit and a 259-unit student housing group. The project will return to the Design Commission

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Menashe Properties‘ second development, a six-story retail-and-office building in downtown Portland’s West End, is on track to open in mid-September.

A construction crane will come down soon, and leases are in front of prospective tenants, said Jordan Menashe, principal at the Portland investment, property management and development firm.

The 62,381-square-foot building at 1127 S.W. Morrison St. won approval from the Portland Design Commission in January 2016.

Menashe and his father, Barry, are still considering brand names for the project. The quarter-block building follows on their initial major development project, Canopy by Hilton – a 153-room Pearl District hotel set to open in 2018.

Menashe Properties purchased the Morrison Street property in 2004 for $1.2 million. Hard construction costs totaled $12.1 million, Jordan Menashe said.

Menashe Properties is seeking tenants, and asking rents are $32-34 per square foot on a triple-net basis, Jordan Menashe said. That’s the current price range for new office construction, said Patricia Raicht, senior vice president for research at Jones Lang LaSalle. Rents for renovated buildings tend to be a little lower – about $28-$30 per square foot, she said.

The Morrison Street project is part of a boom in office construction. In total, 220,000 square feet of office space in Portland’s Central Business District is expected to be delivered by the end of the year, Raicht said.

A restaurant tenant is being sought for a 3,200-square-foot ground-floor space in the West End building. Jordan Menashe said he’s in discussions regarding two other spaces on the ground floor.

The building was designed by LRS Architects. Turner Construction is serving as general contractor.

The building will have a unique look, with extensive use of fritted glass to make it appear a luminescent white at certain times.

“At night, it’s going to glow,” Menashe said.

The building’s appearance will buck a trend toward darker materials, said Montgomery Hill, a senior project architect at LRS Architects.

“So many people are going dark right now because it’s in all the magazines,” Hill said.

Wood soffits will overhang the first floor and sixth floor.

“People respond really well to natural materials,” Hill said.

The project was approved at its second design review meeting, with Commissioner Julie Livingston calling it a “small, elegant building.”

The Menashes are also rolling out a new concierge service with the building. Office tenants can get travel reservations, dining reservations, preferred golf tee times and other services.

“The real objective of it is to try to give our tenants a good work-life balance,” said Max Lehman, a Menashe Properties manager.

The under-construction Menashe building is a neighbor of the historic First Presbyterian Church building (completed in 1890) and the art deco-style Terminal Sales Building (constructed in 1927).

The West End is booming with planned development, most prominently the Eleven West tower from Downtown Development Group, Gerding Edlen and ZGF Architects. That project would add approximately 100,000 square feet of office space to the neighborhood. The 24-story project is scheduled for a design review hearing on Sept. 21.

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Gerding Edlen and Downtown Development Group‘s Eleven West skyscraper concept is taking shape as the project begins to enter the city’s design review process.

Downtown Development Group has long envisioned a vacant lot at Southwest 11th Avenue and Washington Street as a key property for downtown Portland’s West End. Downtown Development Group and Gerding Edlen executives have discussed the project with ZGF Architects for years.

Now, they appear to be moving forward. The project has been placed on the Portland Design Commission’s agenda for a design review hearing Sept. 21.

The proposal calls for a 24-story tower reaching approximately 300 feet. It would have about 100,000 square feet of office space atop ground-floor retail, 222 market-rate apartments on floors eight to 24 and 260 underground parking spaces.

Eleven West would have two massive decks. One on the eighth floor would have a swimming pool, and a rooftop deck on the 24th floor would offer long views of Portland and beyond. The decks would overhang the Culver building, which is also owned by Downtown Development Group and houses the popular Tasty n Alder restaurant.

“The space will be unmatched in town,” said Greg Goodman, co-president of Downtown Development Group. “Nothing like it will exist.”

Offices would feature giant sliding windows. “You can open a 30-foot span of wall and sit inside at your lunchroom,” Goodman said.

Gerding Edlen would be the developer, while Goodman’s Downtown Development Group has owned the property at 1102-1116 S.W. Washington St. for decades. Goodman said the project began to make sense with rising rents.

“Market conditions dictate,” Goodman said. “It’s very expensive to build, so you wait until you have the rents to justify it. You can do (speculative) office now where you never would before.”

Demand for office space has led to a surge of development in the category. According to Jones Lang LaSalle, 2 million square feet of office space was under construction during the second quarter in the Portland metro area. A majority of that is expected to deliver this year, the real estate firm reported.

Average asking rents in the Central Business District reached $34.97 per square foot for Class A space, but new construction garnering $45 per square foot was “not uncommon,” according to JLL.

Eleven West would form a duo with Twelve West, the Gerding Edlen-Downtown Development Group tower that was completed in 2009 a block to the north and west. The project team is again working with ZGF Architects, which designed Twelve West and is the anchor tenant in that building.

ZGF’s early involvement made Twelve West possible, Goodman said. “When we did (Twelve West), ZGF pre-signed for every square foot,” he said.

The proposed building would have a unique design that complements that of Twelve West, Goodman said.

Eleven West would employ a window wall system, while Twelve West has a curtain wall system. “We want 11W to stand on its own, but be different than 12W,” Goodman said.

Jill Sherman, a Gerding Edlen partner, is leading the developer’s team. She referred questions to Goodman.

The property is zoned “RX,” a high-density residential classification. The project was submitted for design review before Portland’s inclusionary housing rules took effect Feb. 1, so the project will not be required to include affordable apartments. The maximum height on the lot is 325 feet.

“We can go up 25 feet higher than we’re going,” Goodman said. “We’re at 300 (feet), and I think that’s where we’ll stay.”

It’s not certain when the project could break ground, assuming it earns design review approval.

“We are getting through our entitlements before we look for (an ownership) partner so I can’t tell you when the start date will be,” Goodman said. “We hope for the middle of next year.”

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