Wood Partners Breaks Ground on Luxury Portland High-Rise
The upcoming community will incorporate the northern part of the Artists Repertory Theatre building and will also feature ground-floor retail and affordable units.
1516 S.W. Alder St. Rendering courtesy of Wood Partners
Wood Partners has broken ground on its latest luxury multifamily property, Alta Art Tower, situated in the Goose Hollow neighborhood of Portland, Ore.
Construction of the 314-unit community follows Wood Partners’ recent plans to expand its Alta brand in Texas, where it currently operates a portfolio of 16 properties.
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Alta Art Tower will be situated at 1516 S.W. Alder St. and will feature a plethora of high-end amenities and in-unit luxury finishes. The 20-story community will include 4,000 square feet of retail on its ground floor, according to Yardi Matrix. Residents will have access to a total of 215 underground parking spaces, along with a rooftop clubroom, outdoor terraces, co-working space and various performance spaces.
Last year, the developer acquired half of the Artists Repertory Theatre building, located at the same address. It will be incorporated into the upcoming Alta Art Tower, providing immediate access to cultural events and entertainment. The location of Alta Art Tower allows for quick access to other parts of the city, with 3 mass transit stations less than a mile away.
Wood Partners’ newest luxury development received approval after the city adopted its Inclusionary Housing Ordinance, which entails that all multifamily projects comprising 20 or more units must include a percentage of affordable units.
