Park Avenue West Tower

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Park Avenue West Tower
Park Avenue West Tower Feb 2016 - Portland, Oregon.JPG
Park Avenue West Tower eastern face
Park Avenue West Tower is located in Portland, Oregon
Park Avenue West Tower
Location within Portland, Oregon
General information
StatusComplete
Typeretail, office, apartments
Location805 SW Broadway #2020, Portland, Oregon, United States
Coordinates45°31′10″N 122°40′52″W / 45.519368°N 122.681067°W / 45.519368; -122.681067Coordinates: 45°31′10″N 122°40′52″W / 45.519368°N 122.681067°W / 45.519368; -122.681067
Completed2016
Opening2016
OwnerTMT Development
Height
Antenna spire502 feet (153 m)[1]
Roof460 feet (140 m)
Technical details
Floor count30
Floor area474,000 sq ft (44,000 m2)
Lifts/elevators10
Design and construction
ArchitectTVA Architects
DeveloperTMT Development
Main contractorHoffman Construction

Park Avenue West Tower is a high-rise in downtown Portland, Oregon, United States. It is the fourth tallest building in Portland behind the Wells Fargo Center, KOIN Center, and the US Bancorp Tower.[2] Developed by TMT Development and designed by TVA Architects, the tower consists of commercial office space, ground floor retail, and apartments.

History[edit]

The western face of the tower from Director Park

Park Avenue West Tower was initially scheduled to be completed in 2010 and is being developed by Tom Moyer's TMT Development. The tower was to have a total of 33 floors and offer retail space, office space and 85 housing units. The housing component has since been dropped from the plans (see below). It was also to have a six floor underground garage with 325 parking spaces.[3] The building gained the top four floors when developers agreed to add 1,650 square feet (153 m2) of bike facilities (including public bicycle commuter showers, bike parking, and locker space) under the connected Director Park subsurface parking, gaining the tower a 40-to-1 bonus.[4]

Construction on the building was suspended in April 2009.[5] Despite the suspension of construction, the developer was hopeful to get the building back on track by reducing the number of stories in the structure resulting from removal of the top ten floors which would have been condominium space.[6] The building was about 50% leased, with Stoel Rives as the primary tenant (11 floors, 157,000 square feet), as well as a NikeTown store.[7][8] Commentators noted the similarity of the work on the building being halted by the 2008 financial crisis and the Portland Hotel being halted by the Panic of 1884, which caused the hotel to be nicknamed "Villard's Ruins" for developer Henry Villard.[9] The Park Avenue site was considered an eyesore as it sat with only the foundation completed for more than 4 years; it was nicknamed "Moyer's Ruins".[9][10]

TMT Development announced in December 2011 that work would resume in late 2013.[11] Construction resumed in October 2013 after additional re-designs, with completion expected in early 2016.[12][13] Plans called for 30 floors, with 15 of those housing 202 apartments.[12] It topped out in February 2015 with a final height of 502 feet (153 m).[1] The tower opened in February 2016 and was 92% occupied.[14] Shortly after opening, MetLife provided $130 million in permanent financing for the building.[15]

See also[edit]

References[edit]

  1. ^ a b Bell, Jon (February 19, 2015). "Construction on the newest addition to Portland's skyline reaches full height". Portland Business Journal. Retrieved 20 February 2015.
  2. ^ "Emporis: Park Avenue West, Portland".
  3. ^ "TMT Development: Park Avenue West".
  4. ^ Leeson, Fred (2007-12-20). "Park Blocks 'beacon' gets design approval". The Oregonian.
  5. ^ "Moyer halts work on downtown tower". The Oregonian. 10 April 2009.
  6. ^ Carinci, Justin (July 27, 2009). "Park Avenue West Awaits a Restart". The Daily Journal of Commerce. Retrieved May 28, 2013.
  7. ^ Frank, Ryan; Mike Rogoway (2009-04-11). "Downtown high-rise halted by tight credit". The Oregonian.
  8. ^ Manning, Jeff (2008-10-15). "In legal terms, a huge move". The Oregonian. pp. C01.
  9. ^ a b Leeson, Fred (December 8, 2011). "Boom, bust and boxing: the saga of Tom Moyer and Park Avenue West". Portland Architecture. Retrieved February 6, 2015.
  10. ^ Njus, Elliot (October 9, 2013). "Park Avenue West Tower: Law firm Stoel Rives signs on as tenant, clearing way for construction". The Oregonian. Retrieved February 6, 2015.
  11. ^ Njus, Elliot (November 4, 2011). "Park Avenue West Tower to be mothballed for two years; developer sets 2013 restart date". The Oregonian. Retrieved November 4, 2011.
  12. ^ a b Culverwell, Wendy (October 18, 2013). "A skyscraper will finally rise". Portland Business Journal. Retrieved 19 October 2013.
  13. ^ Culverwell, Wendy (October 18, 2013). "Construction restarts today at TMT's Park Avenue West". Portland Business Journal. Retrieved 19 October 2013.
  14. ^ Bell, Jon (February 16, 2016). "As first residents move in, TMT lands $130M loan for Park Ave West". Portland Business Journal. Retrieved 19 February 2016.
  15. ^ Jones, David (February 15, 2016). "HFF Secures $130M Loan From MetLife for Mixed-Use Tower in Oregon". Commercial Observer.

External links[edit]