Portland, Ore.—Wood Partners, a national developer specializing in multifamily properties, and the locally based Hoyt Street Properties have inked a deal to develop a 250-unit high-rise tower in downtown Portland’s Pearl District. Previously, Hoyt has worked with local real estate mogul Joe Weston to development multifamily properties, but this time the company is teaming up with Atlanta-based Wood Partners.
Plans call for a new 21-story building on the west side of the soon-to-completed three-acre Fields Park, making it the first rental property built in the Pearl since the onset of the Great Recession. Once the plans receive final approval by the city, land closing and construction could be under way by the fall of 2013, according to the developers.
The site is part of Hoyt Street Properties’ master plan for its properties in the Pearl and already has zoning for high-rise in place. Its height would provide views of the Willamette River, Mt. Hood, the Fremont Bridge and the downtown skyline.
Hoyt Street Properties has already completed several mixed-use projects in the Pearl, where it has developed more than 50 percent of the land since 1997. Hoyt has also started design on a new 165-unit high-rise condo project across the park that’s expected to break ground in 2013.
Boora Architects will design the rental project, and the partnership says it plans to use a third-party general contractor. Wood Partners is currently developing two other high-rise projects on the West Coast, one in Los Angeles and the other in Seattle.