Downtown Waterfront
3rd and Oak/Oak Towers

Project Overview

The Portland Development Commission (PDC) is making an investment to transform a vacant site downtown into a new, mixed-use residential project called Oak Tower. The redevelopment of this key downtown site will serve as a prototype for future downtown high density mixed-use residential development projects. Located in the Downtown Waterfront Urban Renewal Area, the site is also viewed as a key component in the revitalization of the Yamhill Historic District west of the Willamette River.

Size, Shape, Topography and Location

The property (the “Property”) is a square, generally flat parcel composed of two lots totaling 10,000 square feet (1/4 block) located at the northeast corner of SW 3rd Avenue and SW Oak Street in downtown Portland three blocks west of Governor Tom McCall Waterfront Park and the Willamette River. The proposed Oak Tower project will be located between the MAX light rail line and the 5th Avenue bus mall, providing easy access for building occupants to public transit.

Buildings

A below grade parking garage is located below three quarters of the block, extending beneath the Property. On the northern half of the block, the parking garage is two stories and is topped by the Westshore Apartments. Built in 1998, the Westshore Apartments is an affordable housing project primarily for low-income working people. The building includes 113 studio and one-bedroom units with units ranging in size from 330 to 470 square feet. Rents are currently restricted to 50% median family income. The 1912 Police Headquarters Building is a six story office building located on the quarter block directly east of the Property.

Project Scope

The project scope calls for a 26-story, 236,000 square foot, Class-A mixed-use residential development. On May 25, 2005 the Commission approved a report recommending that Oak Tower be developed as a 100% for-sale condominium project with an affordable for-sale component. The project will also include ground floor retail space.

Project Goals

Be an asset for the neighborhood and create a positive living environment for residents by utilizing a high-density, mixed-use residential development model.
Catalyze high-density mixed-use residential development in the neighborhood.
Help fulfill the goals of the Downtown Waterfront Urban Renewal Plan, the Central City Plan, the Downtown Retail Strategy, the Downtown Housing Implementation Strategy, and the Downtown and Waterfront Development Opportunities Project.
Meet environmental sustainability standards.
Eliminate blighted and deteriorated structures not suitable for rehabilitation.
Strengthen the central downtown core for retail and business.