Unless you’ve been hiding under a rock for the last 2 years you’ve noticed the massive 21-story building sitting at the East side’s entrance to the Burnside bridge. What is now known as the Yard Building, a 284-unit apartment building with commercial space on the ground floor.
The land for the tower was purchased by a developer in Hood River, Key Development three years ago for $1.5 million from the Portland Development Commission. It was sold this year to Land and Houses, a subsidiary of Bangkok-based investment firm Land and Houses Public Company Limited of Thailand. It was the first such acquisition by the company in the Portland area.
The Yard sold for a cool $126.68 million making it the city’s largest apartment sale to date. It also set the standard for price per square foot and price per unit for the east side of Portland. The average square foot of each of the units is 682 square feet, though, this number is likely to get eclipsed by the sale of two residential towers, Park Avenue West and NV Portland, slated for completion in 2017.
The urban residential structure has not been without controversy during its development and construction however. The city turned a blind eye to changes in the architects plan, approving the permits anyway with much fewer windows than what the code suggested should be present. There were also reports of a building inspector having come under fire for a conflict of interest, selling software to contractors on buildings she helped approve, the Yard being one of them.
Controversy aside, they did receive a 10 year tax break for setting aside 57 of the 284 units for low income housing. This was praised by the city of Portland as a great help in the ongoing fight for affordable housing.
Love it or hate it the large wall of a building at the East bridge head is here to stay and filling up quickly. It is just another example of the rapidly growing rent and housing market in the city of Portland.
Keep your eye on rental prices as more of these mega dwellings open up throughout the city this year.