Center Oak Properties Details Gresham Project

GRESHAM, OR-With the 320,000-sf Gresham Station retail-office development slightly over 90% leased, Center Oak Properties’ president Fred Bruning is ready to talk about the second phase of development planed for Downtown Gresham. Including land the company has sold and is selling to residential developers, another 20 acres or so will be developed into more than 800 apartment units, another 250,000 sf of retail and another 200,000 sf of office space, Bruning tells GlobeSt.com.

A little more than 2.3 acres has been sold off to locally based Peak Development for development of 80 apartments over another 25,000-sf of retail. On two other residential blocks for which Bruning is still negotiating with buyers, there is room for perhaps another 800 units, he says. “We’ve been approached by four or five other residential developers, each of whom have their own specialty,” says Bruning.

A Newport Beach, CA-based investor wants to build higher end senior housing, a group out of Minnesota wants to develop senior co-op housing similar to product available in New York, and yet another developers are interested in straight apartment or condominium development. “We’re trying to put together a mix of buyers that won’t flood the market with one particular type,” says Bruning.