By Adina Marcut
BRIDGE Housing has started construction on $83.9 million RiverPlace Parcel 3, a 203-unit affordable community in Portland, Ore. Prosper Portland owns the 88,000-square-foot parcel. Of the total of units, 90 will be reserved for households earning up to 30 percent of the median income, including 70 with Project-Based Section 8 Vouchers and 10 for homeless veterans.
“These vouchers, valued at more than $11 million, will ensure that families and veterans living with really low incomes will now be able to call this amazing building and this opportunity-rich neighborhood home,” Michael Buonocore, executive director of Home Forward, said in prepared remarks.
Proximity to CBD
RiverPlace Parcel 3 will be developed in two phases, with the first one broken ground last week. Slated for completion in 2019, the 13-story building located at 2045 SW River Parkway, will be situated close to Portland’s central business district. Property amenities include:
- two laundry rooms
- community room
- conference area
- community classroom
- 75 parking spaces
Portland Housing Bureau, Oregon Housing and Community Services, Prosper Portland, Home Forward, U.S. Department of Housing and Urban Development, National Equity Fund Inc., KeyBank Community Development Lending and Barings Multifamily Capital provided financing for the project. Ankrom Moisan Architects Inc. served as the architect, while Hoffman Construction was the general contractor.
BRIDGE Housing’s recent development included Ivy II at College Park, a 335-unit affordable housing community in Chino, Calif.
Image via Google Maps