The total development cost of the Cannery Lofts is estimated at upwards of $17.6 million. Equity is being provided by high net-worth investors. Construction financing is being supplied by the Bank of Astoria.
When GlobeSt.com first reported on the project in August 2005, Urban Pacific Builders was hoping to complete the 33-unit first phase next month. The first phase is now slated for an early 2007 completion.
First phase units will average about 1,000 sf and be housed in a five-story building. Prices are expected to range from $250,000 to $350,000. The project will include ground-floor commercial space, a community room, fitness center and business center.
The Cannery Lofts is among UPB's first projects outside California and will be the first waterfront condominiums in Astoria. Scott Choppin, the company's co-managing director, did not return a Thursday phone call seeking comment.
Thomas Johnson Architects, LLC of Portland designed the project. Portland-based Yorke and Curtis is the general contactor.
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