In May 2014, Prosper Portland selected a team consisting of Naito Development, Eagle Point Hotel Partners (EPHP), and Filament Hospitality to redevelop the Grove Hotel property on West Burnside Street. The proposed conversion of the former 70-room single room occupant hotel to a 52-guestroom lifestyle hotel marked a milestone in Old Town/Chinatown’s continuing momentum as a location of choice for new projects and business expansions.
The Natio team purchased the property from Prosper Portland, launching a $7.5 million private development of the property that advances several Prosper Portland objectives for Old Town/Chinatown, including activation of the prominent location near the Chinatown Gate, increased area vitality and diversity, and positive economic activity that will contribute to the real and perceived safety of the neighborhood.
Project Under Construction
$2,456,000 investment by Prosper Portland, land sale