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PORTLAND-Using $24.65 million in construction financing from Home Street Bank, local developer Tim Ralston has begun construction on the next phase of the 390-unit Riverscape condominiums here. The development site is immediately north of the Fremont Bridge on the west side of the Willamette River.

When completed, the entire development will include 104 town homes, two condominium towers (this one and a second with 120 units, to be built after this tower is completed), and 91 brownstone-style homes. About 84 units are currently under construction, not including this latest phase for which Ralston has obtained financing.

The new phase is one of the two planned towers. It will be an eight-story building with 74 units and partially underground parking. Sue Carlson of HomeStreet Bank tells GlobeSt.com the units are expected to fetch at least $407 per sf.

The size of the units will range from 539 sf to 2,705 sf, and the price tags will range from $250,000 to $1.3 million. Units will be upscale with hardwood floors, plush carpeting and/or tile floors, European fixtures, slab granite counter tops and Jenn-Air appliances in the kitchens. Windows will cover about 70% of the building exteriors.

At least 40% of the units are expected to be pre-sold, says Carlson. The remaining units are expected to be sold off at a rate of at least four a month once the tower is completed in mid 2007.

Ralston is co-owner of Apollo Development and Apollo Homes. The architect for the project is LRS. The general contractor is LCG Pence.

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