Construction has actually kicked off earlier than expected, as demand for the Promenade's units has been higher than developer Central Bethany Development originally anticipated. "We knew they would be popular, but the demand has exceeded our expectations," project administrator Aaron White tells Globest.com. Thus far, 95% of the Promenade's 44 units in Building A are occupied, while two-thirds of the 36 units in Building B are leased.

Upon completion of the final phase, which is slated for spring 2003, the Promenade will consist of a total of 103 units in three separate buildings. Unit sizes will range from 762 sf to 1,900 sf, while prices will vary from $157,500 to $360,000. The Promenade facilities will include underground parking, elevators and secured access, while individual units will feature custom interior designs, large floor-to-ceiling windows and 8-ft entry doors. "The condo market in general has taken off huge, not just in Portland but across the country, because people can get more for their money," White says.

The Promenade complex is part of the 138-acre Bethany Village master-planned development. In October, Bethany Village developer Roy Kim began seeking a joint venture partner for the next phase of Bethany Village. The project is West Parc at Bethany Village, a 554-unit, luxury multifamily development that will be developed on 14.37 acres. Kim has retained Holliday Fenoglio Fowler to identify an investor partner for the project, which is slated to break ground this coming February.