JV To Pursue $80M Multifamily High-Rise

PORTLAND, OR-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Wood Partners has reached an agreement with local developer Hoyt Street Properties to pursue development of an $80-million high-rise tower in downtown Portland’s Pearl District. According to Wood Partners, this will be the first of its kind in the past four years.

This is the first time that Hoyt Street has partnered with another developer, and Tiffany Sweitzer, president and partner of the firm, says it’s a strategic match. The project would be a new 250-unit, 21-story project on the west side of the soon to completed three-acre Fields Park, which will be both an active front yard for the residential units and a place for the entire neighborhood to recreate. Once approved by the city, land closing and construction start could be underway by the fall of 2013.