South Waterfront Blocks 41 & 42 | xx' | 23 & 6 floors | Complete

[maccoinnich]

South Waterfront's Alamo Manhattan project could cost half a billion dollars



The Texas developer of a four-block South Waterfront apartment-and-retail development says project costs may rise to half a billion dollars.

In early 2022, Matt Segrest, founder of Dallas-based Alamo Manhattan, estimated the budget for the Alamo Manhattan Blocks was about $450 million. But speaking with the Business Journal last week in Portland, Segrest forecast total costs stand closer to $490 million or $500 million.

He said Alamo Manhattan has long been bullish on Portland, but development officials hope the city bounces back faster.

It will be hard to pin down an exact figure for the project for a while, since the last building in the four-block development, near 3850 S. Bond Ave., won't wrap until late 2025.

But construction is moving along. Pre-leasing started last week for the first building, called the Olivia (formerly Block 42), with the building scheduled for completion by the end of the month. It will hold just over 230 of the nearly 1,200 homes that will make up the entire Alamo Manhattan Blocks development. A taller tower, dubbed Block 41 for now, should top out in mid-April and finish in November or December.

...continues at the Portland Business Journal ($)