South Waterfront keeps building and growing . . . in spite of the recession!

A field of dahlias is not the only thing being nurtured at South Waterfront!  In a town hall styled meeting last night the public was invited to hear an update of what’s happening in this iconic Willamette River development.

A few of the details . . .

Dike Dame, of Williams and Dame Development, offered opening remarks to kick off the update about the district and its future.  His comments covered site development and the status of the green spaces of South Waterfront.  The undeveloped waterfront lots will get some temporary improvements, with, yes, a dahlia field on the lot to the north of the Meriwether and hydro-seed cover on the lot south of Atwater Place.  Both will help tidy up the undeveloped sites that are adjacent to the current condominiums.

Robin Grimwade of Portland Parks and Recreation provided the welcome news that the neighborhood park is on budget and on schedule!  Construction of the two block park will run March – August, with the ‘urban garden’ open in August and a grand opening party planned for October.  The waterfront greenway is still likely to have a beach and launch area.  Construction for the greenway has been delayed due to site clean-up that is being completed by the developers prior to turning it over to Portland Parks and Recreation.

The Meriwether and Atwater Place in South Waterfront

The Meriwether and Atwater Place in South Waterfront

A report on sales and rentals of residential homes in the district came from a representatives from Realty Trust and Gerding/Edlen Development.  Here the story is a reflection of the general slow-down in home sales in all neighborhoods; slow, and steady, at a lower pace than when the project was launched in 2004.

Mark Williams of OHSU brightened the mood again with an account of projects underway for OHSU sites both south and north of the Ross Island Bridge.  Mark spoke encouragingly of a potential collaboration with the Oregon University System on a life-sciences building.  Clearly there will be lots to come from the engine of OHSU in this area.

The Portland Development Commission, the Bureau of Planning and the Bureau of Transportation all gave reports on the status of their separate and combined activities which have completed substantial infrastructure already (the Tram, Streetcar, streets and community improvements) and the ultimate plan for connection with the Light Rail that will cross the river near the South Waterfront.  Construction of the pedestrian bridge over the freeway is due to begin this summer.  Other projects that are ’shovel ready’ may get a boost from Federal Government stimulus money.

One of the most important comments of the evening, in my view, was the statement from Patrick Quinton of the Portland Development Commission that Vestas, the Danish wind turbine company, is definitely in negotiations for a site at South Waterfront for a sizeable office development.  Vestas has plans to open offices in South Waterfront that will start with 350 employees and grow quickly to 500 and ultimately to as many as 800.  This is no official announcement because negotiations are still ongoing, but for Patrick to speak so confidently of their commitment to Portland and South Waterfront is a strong validation for the prospects of the district.

The evening’s presentations wrapped up with updates on the Mirabella and the District retail – two very different reports altogether.  The Mirabella, an upscale continuing care community, reports fulfillment of a 93% pre-sale goal in spite of the recession.  The building is the tall one going up to the north of the John Ross.  Retail, on the other hand, continues to trickle in and, while the current merchants and restaurants are popular and provide appreciated activity and services, the pace of new leases is slow.  Frankly, this is true for more fully developed neighborhoods as well, such as the north blocks of Portland’s Pearl District.

The evening wrapped up with some Q & A mostly related to residents’ specific concerns.  And, oh yes, the beer was good too!

The Jackson Group represents several sellers in the South Waterfront District with listings in the Meriwether, The John Ross and Atwater Place.  We consider ourselves South Waterfront experts, having participated in sales and marketing efforts for these properties since their pre-sale days.  Call us for details!  503-416-4177.

Becky

January 29, 2009 · Filed Under Neighborhoods

Comments

Leave a Reply