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  #221  
Old Posted Sep 8, 2019, 1:07 AM
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Rhome Rhome is offline
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Since the Decision to approve the project--issued Sept. 8, 2016--has a 3-year expiration date, and given the timing of these latest permits so close to the 3-year deadline, sounds like the developer is just trying to keep the project alive so that they don't have to seek a new land use review.

From the Approval:

Expiration of this approval. An approval expires three years from the date the final decision is rendered unless a building permit has been issued, or the approved activity has begun. Where a site has received approval for multiple developments, and a building permit is not issued for all of the approved development within three years of the date of the final decision, a new land use review will be required before a permit will be issued for the remaining development, subject to the Zoning Code in effect at that time.

Last edited by Rhome; Aug 6, 2022 at 3:29 AM.
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  #222  
Old Posted Sep 9, 2019, 8:02 PM
RED_PDXer RED_PDXer is offline
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Quote:
Originally Posted by Rhome View Post
Since the Decision to approve the project--issued Sept. 8, 2016--has a 3-year expiration date, and given the timing of these latest permits so close to the 3-year deadline, sounds like the developer is just trying to keep to project alive so that they don't have to seek a new land use review.

From the Approval:

Expiration of this approval. An approval expires three years from the date the final decision is rendered unless a building permit has been issued, or the approved activity has begun. Where a site has received approval for multiple developments, and a building permit is not issued for all of the approved development within three years of the date of the final decision, a new land use review will be required before a permit will be issued for the remaining development, subject to the Zoning Code in effect at that time.
For the permit to be issued, wouldn't the developer have to fork over an immense amount of cash? It would be millions of dollars given the number of units, SDCs, permit fees, 1% surcharge for affordable housing, etc.
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  #223  
Old Posted Oct 11, 2019, 6:15 PM
pdxsg34 pdxsg34 is offline
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The Lloyd parking lot redevelopment by the theater is cancelled...

via PortlandMaps:
Quote:
10/10/19 - commercial building project canceled, per BDS Process Management. See attached letter. Closing public works permit, as conditions no longer apply.
This only adds to my speculation that Lloyd might be considering the ballpark, but could mean anything. Either way, what a cluster.
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  #224  
Old Posted Oct 11, 2019, 11:04 PM
NOPO NOPO is offline
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I am still hopeful for this land. It’s crying for good mid to high rise mixed use development.
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  #225  
Old Posted Oct 12, 2019, 6:21 AM
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Originally Posted by pdxsg34 View Post
The Lloyd parking lot redevelopment by the theater is cancelled...

via PortlandMaps:

This only adds to my speculation that Lloyd might be considering the ballpark, but could mean anything. Either way, what a cluster.
This is my suspicion as well, if PBP has been talking to them about the Lloyd Center as a possible location, the PBP wouldn't want any new projects to be going up on a site they would want to redevelop around a baseball stadium.

I personally really hope this happens because a baseball stadium would work in the Lloyd District and Terminal 2 would make a better urban housing expansion that could easily be a dense mixed income development. Plus it would be easy to expand the streetcar to this area rather than the light rail.


Quote:
Originally Posted by NOPO View Post
I am still hopeful for this land. It’s crying for good mid to high rise mixed use development.
Keep in mind, the size of a MLB stadium is about half the size of the site that the Lloyd Center sits on, so the other half of the site would be prime for a commercial center and housing development that could easily lead to being a number of high rises and lots of mixed use developments.
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  #226  
Old Posted Oct 12, 2019, 6:40 AM
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Originally Posted by urbanlife View Post
Keep in mind, the size of a MLB stadium is about half the size of the site that the Lloyd Center sits on, so the other half of the site would be prime for a commercial center and housing development that could easily lead to being a number of high rises and lots of mixed use developments.
This would be amazing. I hope there’s genuine consideration happening to make this a reality.
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  #227  
Old Posted Dec 4, 2019, 4:50 PM
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https://www.oregonlive.com/business/...6-million.html

Quote:
Lender pulls plug on major Lloyd District redevelopment, demands $36 million
Today 6:30 AM
By Jeff Manning | The Oregonian/OregonLive

In another sign that Portland’s long real estate and construction boom is slowing, an ambitious plan to build more than 1,100 apartment units in the Lloyd District has quietly died.

The lender to the project known as 1400 Multnomah pulled the plug in late October claiming that developers Bob Bisno and Dan Palmer’s operating company had stopped making payments on their loan.

“Borrower is in default and appears to be insolvent,” the lender claimed in a lawsuit filed in October. “The real property, plaintiff’s collateral, is adrift.”

The suit alleges that the Santa Monica-based developers blew through $31 million and never got a single apartment built.

Few predicted this kind of disaster when Bisno and Palmer first came to town in 2016. Oregon had boasted some of the best job growth in the country, which fueled a surge of new arrivals and a housing shortage. An unprecedented explosion of high-end apartment construction followed, reshaping Portland’s skyline.
...(continues)
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  #228  
Old Posted Dec 4, 2019, 5:03 PM
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"In 2011, only 445 new apartments came to market in the entire Portland Metro area. Three years later, the number had jumped nearly ten-fold to 4,367, according to the CoStar Group, a leading provider of real estate data and analytics. The frenzy peaked in 2018, when the number of new apartments reached 6,059. This year will not be far behind.

In all, more than 31,000 new apartment units were built in the Portland metro area over the last six years.

Until now, there’s been sufficient demand in the market to absorb the flood of new rentals. That may be changing, said Mark Barry, who for years has published a newsletter tracking the Portland apartment market. He pointed to predictions that the supply of new units will exceed demand for the next two years.

“We’ve never seen this kind of boom before,” he said. “Anybody betting against the Portland market has been wrong. But inevitably the pendulum is going to begin swinging back.” "
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  #229  
Old Posted Dec 4, 2019, 5:26 PM
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One of the commenters in the article posted:

CoStar is off, in the business and in the 4 county METRO new apts:
2011 - 1075
2012 -2273
2013 -7535
2014 - 6863
2015 - 6461
2016 - 14883
2017 - 9820
2018 - 24652

I may be 10%-15% high (like the Lloyd Center properties that look dead) since these are the properties announced, but CoStar is low.

BTW - There are enough developers that someone may come in and steal the project.
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  #230  
Old Posted Dec 4, 2019, 6:48 PM
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Red face Questionable pre-design presentation . . . .

When I first saw the renderings for this project back in 2016, my first thought was, are these people serious! This project looks like "Cookie Cutter" Soviet Style Apartment Designs . . .

No surprise at the outcome . . . Portland deserves BETTER!
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  #231  
Old Posted Dec 4, 2019, 7:52 PM
maccoinnich maccoinnich is offline
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Quote:
Originally Posted by Eco_jt View Post
BTW - There are enough developers that someone may come in and steal the project.
Design review approvals are good for three years, which has now passed. At a minimum they'd need a new design review application.
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  #232  
Old Posted Dec 5, 2019, 12:05 AM
PdX Farr PdX Farr is offline
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Batter up?
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  #233  
Old Posted Dec 6, 2019, 12:30 AM
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What I want to know is what did the company do with $31 million, that is a lot of money to blow through without breaking ground on a project. I hope this means the architecture firm got paid top dollar for their design work.
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  #234  
Old Posted Dec 6, 2019, 9:35 PM
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Portland is Not their only problem . . .

A simple Goggle search, tells you all you need to KNOW. These Con Men have done the same thing in California . . . .

https://www.pressdemocrat.com/news/7...rtment?sba=AAS
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  #235  
Old Posted Dec 6, 2019, 9:41 PM
RED_PDXer RED_PDXer is offline
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Quote:
Originally Posted by urbanlife View Post
What I want to know is what did the company do with $31 million, that is a lot of money to blow through without breaking ground on a project. I hope this means the architecture firm got paid top dollar for their design work.
They bought the 5-acre property for about $22 million according to the Oregonian story. They spent $9 million on other things like design and land use approvals.
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  #236  
Old Posted Dec 8, 2019, 7:52 AM
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Originally Posted by RED_PDXer View Post
They bought the 5-acre property for about $22 million according to the Oregonian story. They spent $9 million on other things like design and land use approvals.
That makes sense, I didn't know they spent that much money on the site.
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  #237  
Old Posted Jan 11, 2021, 11:31 PM
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Looks like they're going to break up the superblock.

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  #238  
Old Posted Jun 27, 2022, 12:14 AM
maccoinnich maccoinnich is offline
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Ownership of this site transferred to Mosaic Real Estate Investors in May
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  #239  
Old Posted Aug 3, 2022, 2:21 PM
PhillyPDX PhillyPDX is offline
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There have been active test borings on this lot over the last week. Makes me think the new owners mentioned are up to something.
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