The chief executive of
, the real estate investment trust that’s
, on Thursday described the project as phase one of four.
Speaking on a panel at the
’s real estate trends forum in Portland, John Chamberlain said the company has plans to redevelop 16 blocks in the district better known for office towers and the Lloyd Center mall.
AAT owns a portfolio of office buildings there, as well as the First & Main tower in downtown Portland. But Chamberlain said the company’s development focus now is on residential and retail.
“We're trying to build a neighborhood,” he said. “Residential does that. I don’t think office contributes as much.”
Chamberlain also said he expects rents at the new development, Hassalo on Eighth, to be 20 to 25 percent lower than some of Portland’s hottest neighborhoods.
“We are not looking to compete with the South Waterfront or the Pearl District,” he said. “We want to be an affordable alternative.”
Some other highlights I noted during the forum:
That would be Jim Eddy, Nike vice president for global real estate. Earlier this year, Nike
of siting an expansion in Portland's South Waterfront.
That per Dean Schwanke, executive director of ULI's Center for Capital Markets and Real Estate.
That's Bob Lewis, the San Francisco-based managing director for BlackRock. Lewis also said, "I think Portland has always, in my mind, suffered from its competition with Seattle. And I don't think Portland needs to do that. I think Portland is a destination in and of itself."
--Elliot Njus