Trammell Crow Starts Work on Lake Oswego Project
The developer's residential arm, together with CenterCal Properties, has broken ground on the multifamily and retail asset that will bring 206 apartments to the affluent Portland suburb.
Mercantile Village. Rendering courtesy of High Street Residential
Construction is now underway on Mercantile Village, a major mixed-use community near Portland, Ore., that will offer 206 apartments and 50,000 square feet of retail space. High Street Residential, the multifamily arm of Trammell Crow Co., is building the project with retail developer CenterCal Properties and CBRE Global Investors as the investment partner.
The project in Lake Oswego is expected to wrap up in the summer of 2021 and leasing is already underway. Located at 4015 Mercantile Drive, the completed property will features apartments ranging in size from studios to three-bedroom units and a variety of amenities.
The development team is working with local firms SERA Architects and Deacon Construction on the project, which will replace an existing three-building complex called the Providence Mercantile Center. The City of Lake Oswego gave the final nod to the project last September and the partnership purchased the site in October. Plans call for a four-story apartment building along with a smaller retail structure.
The retail portion will feature a mix of experiential outlets and a “festival street atmosphere,” according to a statement by High Street Residential. CenterCal will supervise the retail leasing together with brokerage partner HSM Pacific. Greystar will take charge of the leasing and management of the residential units.
Mercantile Village will also come with parking for more than 550 cars across a site that exceeds 6 acres at the intersection of Boones Ferry Road and Kruse Way.
Bringing urban amenities to Lake Oswego
The project is envisioned to serve the renewal of the larger Lake Grove neighborhood, where the city is working on improvements to Boones Ferry Road. Lake Oswego is an affluent suburb of Portland, located 10 miles south of the downtown of Oregon’s largest city.
“Our goal is to establish an authentic place that blends a residential and retail experience unlike anything available outside the urban core,” said Damin Tarlow, senior vice president with High Street Residential’s Portland office, in a prepared statement.
High Street Residential previously teamed up with CenterCal to develop the 800,000-square-foot Cascade Station retail center near Portland International Airport. The developer has completed 5,100 multifamily units over the past 15 years totaling $1.2 billion.
Parent company Trammell Crow, the nation’s largest commercial developer, is an independently operated subsidiary of CBRE Group.
