The Smith’s Block building, completed in 1872, is one of the oldest buildings in Portland’s waterfront area and a stunning example of cast-iron architecture. RV Kuhns and Associates (Kuhns) purchased the property in 2005 in order to rehabilitate the space and relocate its Portland office there. The building was part of the waterfront strategic plan put forth by the City’s redevelopment agency which called for the addition of more day time office employees and retail establishments to the area. The building’s historic facade has been retained while the interior has received a significant seismic upgrade in addition to a range of interior improvements that enable it to provide very high quality office space for the Kuhns staff.
The Telegram Building in Portland, Oregon got its start as the headquarters for the city’s evening newspaper. Handsome with its red brick Georgian Revival exterior and grand clock tower, the 1922 building is an important visual component of Portland’s West End. Vacancy had troubled the property for years before a local developer seized the opportunity to make it an important economic contributor to the city as well. The Telegram property now provides 33,000 square feet of retail and office space. The first two floors house a locally-owned health club while upper floors will serve as office space and perhaps an upscale restaurant. The rehabilitation included substantial seismic upgrades and the restoration of the clock tower and other key architectural features. The $11.5 million rehabilitation was financed in part by almost $2.5 million in historic tax credit and NMTC equity from the NTCIC’s subsidiary CDE. The NMTCs provided approximately 31% additional equity to the project, helping to reduce debt service costs. Other sources included a $5.4 MM West Coast Bank first mortgage and a $1 MM Portland Development Commission seismic renovation loan.
The Portland Habilitation Center (PHC) is a non-profit whose mission is to assist individuals with disabilities throughout Oregon and Washington by providing job training and skill development so they may obtain and maintain meaningful work. PHC delivers contracted services in custodial, landscaping, light industry and administrative services, and currently trains and employs approximately 1,000 people with disabilities. PHC is hosting an 870 kW system atop its new 110,000 SF facility in Northeast Portland. The renewable energy generated from the system will power expansion of PHC’s in-house manufacturing, assembly, order fulfillment, courier and warehousing services. The solar PV installation will eventually save PHC nearly $75,000 in annual energy costs. United Fund Advisors structured and closed the transaction, utilizing the Federal Renewable Energy Investment Tax Credit as the primary tool to help finance the project.
Green Zebra is a neighborhood grocery offering convenient access to fresh, healthy foods in a food desert.
The Albina Neighborhood of NE Portland has long been one of the city’s most economically distressed. Dating back to 1948 when many of today’s Albina Neighborhood residents and their forebears were displaced from Vanport City due to a devastating flood, the community in NE has faced a lack of community services and employment opportunities. A corner on Martin Luther King Jr. Boulevard, which included the historic Marco Industrial Building, had been identified as a critical focal point for the area’s economic revitalization, but efforts to redevelop this vacant property over a decade had been unsuccessful. The 40,000 square foot, LEED Gold 17-unit Vanport Square mixed-use development is part of the solution. It includes office, retail and restaurant space targeted specifically for the relocation and expansion of locally owned small businesses. The development offers a diverse mix of services to the neighborhood. Key to the financing goals of this project was New Markets Tax Credits that enabled a unique business condominium structure. The tax credits directly benefit the business owners by allowing them to purchase their spaces with affordable loans.
The intersection at Fremont Street and Martin Luther King Jr. Boulevard in Notheast Portland had long been the site of criminal activity and a long-vacant corner market. The location was identified by the City’s redevelopment agency as a potential gateway to the King neighborhood and the rapidly-changing Albina area. The Fremont Building, completed in 2007 by local minority developers, incorporates 9,500 SF of ground floor restaurant and retail, upper-floor office space, and parking.
Built in 1945, the Civic Apartment Building was located across the street from Portland’s sports stadium in a highly distressed geographical area known as the West End. Consistent with blight in the area, the Civic had fallen into disrepair, with plywood covering the ground floor windows. The site was identified for its potential to create additional low-income housing and spur development in the area.After a competitive RFP process with the Housing Authority of Portland in 2003, the redevelopment project was awarded to Gerding Edlen Development Company, who sought additional funding to achieve its mixed-use goals.The innovative public/private partnership produced a unique mixed-use development that provided affordable for-rent housing, market-rate condominiums, retail space, and parking. The 16-story, 260-unit condominium tower and 5-story, 140-unit rental apartment building sit atop 44,000 SF of retail space and a 400-stall underground parking garage. This new urban development is a pioneering example of the mixed-use model, adding numerous sustainable design features that resulted in a LEED Gold certification from the U.S. Green Building Council.
Rising 22 stories above Portland’s growing West End neighborhood, Twelve | West is a 550,000-square-foot mixed-use building highlighting the city’s leadership in sustainable design. The LEED Platinum-certified building includes street-level retail space, four floors of ZGF’s Portland office, 17 floors of apartments, and five levels of below-grade parking. The building has an eco-roof, a rooftop garden and four wind turbines, which represent the first U.S. installation of a wind turbine array on an urban, high-rise.
Community Transitional School was founded in 1990 in Portland to create a stable educational environment for children whose families were homeless, in transition, or suffering a poverty-related crisis. In the 16 years of its existence, Community Transitional School had been forced to move 6 times, and was again looking for a new location. The school began a capital campaign to build a permanent facility, but New Markets Tax Credits were essential to close the financing gap and allow construction of the new school to begin. The brand new 9,500 SF school with classrooms, administrative offices, exercise area and track opened in May of 2008. Over 200 children attend the school each year, with average daily enrollment of 70 to 80 students. Several of the project partners provided consulting, legal, and accounting services pro bono. The project received Honorable Mention in the 2008 Small Business Qualified Low-Income Community Investment award category from the Novogradac Community Development Foundation.
Albina Head Start (AHS), a federally funded non-profit organization, provides early childhood education services to approximately 1,000 low-income families in North, Northeast and Southeast Portland. AHS has been serving children and families in Portland since the inception of the Head Start Program in 1965. AHS’ comprehensive services include health, nutrition, social services and cognitive development to children ages birth to five. AHS has over 20 Head Start and Early Head Start Program locations, serving approximately 1,000 children and families in Portland and supports a staff of 241 employees. The AHS project involves the refinancing of five Head Start and Early Head Start program properties in Portland. Refinancing will lower AHS’ debt burden and enable AHS to provide greater services to its low-income families.