The 21-story project, by Hoyt Street Properties and Wood Partners, will be the first rental property built on the Fields Park.

PORTLAND, OR-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but has learned that Wood Partners has reached an agreement with local developer Hoyt Street Properties to pursue development of an $80-million high-rise tower in downtown Portland’s Pearl District. According to Wood Partners, this will be the first of its kind in the past four years.

This is the first time that Hoyt Street has partnered with another developer, and Tiffany Sweitzer, president and partner of the firm, says it’s a strategic match. The project would be a new 250-unit, 21-story project on the west side of the soon to completed three-acre Fields Park, which will be both an active front yard for the residential units and a place for the entire neighborhood to recreate. Once approved by the city, land closing and construction start could be underway by the fall of 2013.    

“As a leading national player in the multifamily industry, we have long been interested in entering the Portland market,” says Frank Middleton, western regional director for Wood Partners. “We look forward to partnering with Hoyt Street Properties, which has a long history and a strong reputation here. They will provide an intimate understanding of the neighborhood, as well as Portland’s permit/approval process.”

Hoyt Street Properties created the approved master plan for the neighborhood and has already completed development of several mixed-use projects in the Pearl District, where it has developed more than 50% of the land since 1997.

Hoyt has started design on a new 165-unit high-rise condominium project across the park that also is expected to break ground in 2013. Both projects will add new housing, more jobs and revitalized energy to the area, according to a prepared statement.

Boora Architects is designing the project. The partnership plans to use a third-party general contractor.

The site is part of Hoyt Street Properties’ master plan for its properties in the Pearl and already has zoning for high-rise in place, according to the statement. It will be the first rental property built on the Fields Park.

Wood Partners is currently under construction on two high-rise projects on the west coast in Los Angeles and Seattle.