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PORTLAND-Hoyt Street Properties won a 10-year property tax exemption for a planned full-block apartment development on the block bounded by Northwest Ninth and 10th avenues and Northrup and Marshall streets.

The Portland City Council approved the tax break this week, saying state law allows for multiple-unit housing projects that support mass transit. Moreover, a financial analysis by the Portland Development Commission, the city’s urban renewal agency, determined that without the exemption the project would lose money in its first 10 years.

This 139-unit project, on part of a former rail yard that Hoyt has been redeveloping, will be near Portland’s new streetcar line. About 25% of the units will be smaller than 700 sf. The ground floor of the six-story project will have 9,000 sf of ground-floor retail space.

The apartment project is one of three projects Hoyt is undertaking this year in its unrelenting redevelopment of the 34-acre former rail yards near Union Station. The projects–two condominium projects and one apartment building totaling $100 million–will add about 290 housing units and 30,000 sf of retail to the northeastern edge of the burgeoning Pearl District.

Hoyt Street has a commitment with the city to ultimately have 2,700 new housing units developed on its property. Hoyt Street already has developed there 520 units in four condominium buildings (Riverstone, Tanner Place, Johnson Townhomes, Street Car Lofts) and one apartment building (Kearney Plaza) that had to be built twice due to a fire and is now completed leased up at some of the highest rents in the city ($1.62 per sf per month).

Starbucks recently became the inaugural ground-floor retail tenant, leasing 1,800 sf. Condo sales also have gone quite well, with three of the buildings 100% sold and Street Car Lofts, the newest finished product, were about 80% sold this spring.

Now under development at Northwest 11th and Marshall Street is Bridgeport, a two-building, 123-unit condominium project with a $35-million price tag and asking sales prices of $190 per sf. Anderson Construction is the general contractor. Completion is scheduled for May 2003.

In June, Hoyt will have Hoffman Construction breaking ground on the $45-million, 124-unit Park Place Condominium at Northwest 10th and Kearney Street. Completion of the 13-story, half-block development is scheduled for 2004. Asking sales prices should be close to $250 per sf.

In September, R&H Construction will start on an as yet unnamed $23-million apartment project. The project is scheduled to take 12 months to complete. Monthly asking rents should be upward of $170 per sf.

The three projects will have a combined 30,000 sf of ground floor retail, with 15,000 sf in the Park Place project and the rest of it split between the other two buildings. Annual asking lease rates will be in the mid-$20s per sf. Trammell Crow Co.’s Craig Sweitzer has the retail leasing assignment for all of Hoyt’s buildings.

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