Prosper Portland, through its broker Capacity Commercial Group, is seeking offers from qualified development partners to develop the 100 Multnomah office building, a proposed nine-story, Class A, LEED Gold office tower of 120,000 square feet located adjacent to and on top of a 442-stall, seven-story parking structure completed in 2019. This development opportunity is in Portland’s Central City directly adjacent to the 600-room Hyatt Regency Portland hotel which opened in December 2019.
The 100 Multnomah office building received Type III Design Review approval by the Portland Design Commission in June 2019. Prosper Portland has completed 75 percent Construction Documents and the project was accepted for permit review by the City of Portland Bureau of Development Services in December 2019. Permits are anticipated to be ready for issuance by mid-2020. With a 16-18 month construction period, the earliest completion of the building is anticipated to be 4th Quarter 2021.
Prosper Portland anticipates selling the air rights and design product and assigning its Design-Build Contract with Mortenson Construction, Inc. to the selected development partner. The selected developer will be responsible for securing the tenants and financing needed to construct the office building and will own a condominium interest in the building.
In addition to the 100 Multnomah condominium, the building includes the following two condominium interests:
- The 392-space parking structure owned by Prosper Portland makes 375 stalls available on a first-priority basis to the Hyatt Regency; and
- A 19,000 sq ft commercial space on the lower two floors and 50 parking stalls are owned and operated by TriMet, Portland’s regional transit agency.
The area surrounding the proposed development was once a predominantly African-American neighborhood, where discriminatory practices displaced residents and businesses. Prosper Portland’s Equity Policy encourages broadening economic opportunities and promoting wealth creation to people of color and historically underrepresented and disadvantaged Portlanders. To this end, Prosper Portland’s ideal development partner and preferences are:
- Local African-American developers and individuals in the real estate / leasing / development / construction industry
- Local African-American owned businesses who may be potential tenants or investors
- Local non-profits that provide service to the African-American community who may be potential tenants.
This represents an opportunity for a developer to own and operate a Class A office building in a highly visible Central City location with high-quality MAX light rail and bus service and within walking distance of the Hyatt Regency Portland Hotel, Oregon Convention Center, and Rose Quarter.
The project site is a full city block in the heart of the Lloyd Center entertainment district. It is bordered on the NW corner by the Moda Center, home of the Portland Trailblazers and concert venue, and to the south and east by the Oregon Convention Center and the Convention Center hotel operated by Hyatt Regency. The property faces Interstate 5, which sees approximately 150,000 cars per day. The office building will tower over the freeway, sitting eight decks above ground level with unparalleled views of the river, city skyline and bridges to the west, as well as mountain views to the east and north. Area amenities abound with convenient transit services including the nearby Rose Quarter Transit Center and regional MAX light rail service providing immediate access to the airport and the metro area.
The Hyatt Regency hotel will provide accommodations for events held at the Oregon Convention Center located directly across the street on NE Holladay. In addition to the hotel, three multi-family developments in the immediate area have been recently completed or are currently under construction. Located at 1010 NE Grand Ave. is a 240-unit multi-family development totaling 192,000 square feet. Just down the street is the Twenty Twenty at 2020 NE Multnomah St., 162-unit apartment building totaling 145,600 square feet. Hassalo on Eighth, the Lloyd District’s largest multi-family project, was completed in early 2015 at 1061 NE 9th Ave. with 657 units totaling 750,000 square feet.