PORTLAND-Gerding/Edlen Development is winding up construction of the Broadway, a two-tower public-private development at Southwest Broadway Avenue and College Street, on the campus of Portland State University. Scheduled to open next week, the $47.5-million complex includes student housing, classroom space and ground-floor retail.The Broadway’s top eight stories of the two towers contain 383 units of student housing. The second floor holds classroom and laboratory space. The ground floor contains 15,000 sf of retail space. Oregon Commercial Properties broker Ramona Harrington tells GlobeSt.com that three retail tenants have signed on already and negotiations are well under way for the three remaining spaces. The triple-net asking lease rate is $24.50 per sf. The signed tenants include Cold Stone Creamery, Great Clips for Hair and Zelda’s Coffee House and Bagel Bar.The project is a public-private partnership of Portland State University, the PSU Foundation and Gerding/Edlen Development. Gerding/Edlen, which oversaw the construction project and arranged the project’s bond financing, also is managing the construction of the University’s new Northwest Center for Engineering, Science and Technology.PSU entered into the partnership for the Broadway as a way to make the university more competitive in attracting students, PSU’s interim VP of finance and administration Cathy Dick. Prior to the Broadway, Portland State had only 1,240 units for its 24,000 students. The number of housing units is expected to double in coming years as the university redevelops the Doubletree Portland Downtown Hotel, which the city acquired earlier this year through eminent domain on behalf of the university. The Broadway is expected to receive a silver LEED (Leadership in Energy and Environmental Design) certification, in part due to the project’s 15,000-sf eco-roof, which is said to be the region‘s largest. The roof will be a mixture of soil and gravel as a base for a variety of native grasses and sedums.

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