I noticed a For Sale sign yesterday on the empty (recently demolished) lot at SE Grand and Pine. I think it was the Flatworks building proposed by Sturgeon Development. Not sure if this is a new update or not, but apparently this building fell through?
Hazel Ying Lee Apartments at 3000 Powell Blvd is almost complete. 206 affordable units.
Modera Woodstock at 4804 SE Woodstock Blvd just across the street from the library. 194 units. Just down the street, 5010 SE Woodstock has also started construction.
I don't really follow hospitality world, but didn't this hotel just open in the last few years, and I was always under impression people liked it and it did well. Interesting turn of events.
I don't really follow hospitality world, but didn't this hotel just open in the last few years, and I was always under impression people liked it and it did well. Interesting turn of events.
I don't really follow hospitality world, but didn't this hotel just open in the last few years, and I was always under impression people liked it and it did well. Interesting turn of events.
Running a hotel is hard and will bleed a lot of money, typically that is offset by the amount of money it brings in, but if the hotel needs to be sold out every day to basically break even, it will eventually fail, even if it seems like a popular hotel.
Running a hotel is hard and will bleed a lot of money, typically that is offset by the amount of money it brings in, but if the hotel needs to be sold out every day to basically break even, it will eventually fail, even if it seems like a popular hotel.
This. Hotels are my industry and I can tell you that I've seen a lot of hotels built, seem to be doing fairly well and still fold. There are a lot of factors to what makes a hotel effectively operate and the first 3 years to stabilize are crucial. If they can't figure out their expenses and bring in enough revenue, it will tank. I can't tell you how many times we've bought a hotel for bottom dollar from hotel owners who were up to their eyebrows in debt and couldn't turn a profit.
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Shuttered Portland Walmart sold for $20M. Here's what the new owners plan to do with it
PORTLAND, Ore. — Portland investors have purchased the former Walmart at Eastport Plaza for $20 million, with plans to turn it into a Hong Phat Supercenter, the Business Journal has learned.
Last March, Walmart closed the big box store at 4200 Southeast 82nd Ave. Earlier this month, Walmart Real Estate Business Trust sold the building to a group called Portland International Center LLC for $20 million, public records show.
Local real estate firm Ethos Commercial Advisors said in a social media post, without naming new owners, that it had sourced a five-year, nearly $15 million loan representing three-quarters of the 154,000-square-foot building's sale price.
Portland International Center, formed last September, is made up of Hoang Nguyen, Brandon Wang and the Huot Family Revocable Trust, according to state business filings.
Wang, founder and CEO of Hong Phat, said this will be the fourth Hong Phat in the Portland metro. The other stores are at 9819 Northeast Prescott Street and 101 Southeast 82nd Avenue in Portland, and 11655 Southwest Pacific Highway in Tigard.
...continues at KGW. Longer story at the PBJ for those with a subscription.
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"Maybe to an architect, they might look suspicious, but to me, they just look like rocks"
Brewery to open pub, coffee bar, food cart pod and more in Southeast Portland
By Alex Jensen – KGW-TV
May 6, 2024
Quote:
SteepleJack Brewing plans to expand and open its fourth location on the restaurant and thrift-centric Hawthorne Boulevard.
The new taphouse will take over the gutted Bank of America branch at 3757 S.E. Hawthorne Blvd. It will feature not just the brewery's award-winning beers, but also five food trucks and two new food and drink ventures by SteepleJack Brewing's founders Brody Day and Dustin Harder: A Harder Day Coffee bar and a bakery counter.
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Hawthorne's shared taproom, café and food truck pod is expected to open in late summer or early fall.
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The location will have a large outdoor seating area surrounded by food trucks, somewhat similar to the German pub Prost! on Mississippi.
By Malia Spencer – Portland Inno, Portland Business Journal
May 21, 2024
Quote:
A pair of restaurateurs are opening a new food cart pod in a section of Hawthorne Boulevard they say could use some more activity.
Uday Seelam of Dwaraka Indian Cuisine and Ben Bui of Vietnamese restaurants Fish Sauce and Short Round have teamed up for the project at 4225 S.E. Hawthorne Blvd.
Construction is underway for the Hawthorne Street Food & Bar, which will feature 14 carts, a 60-seat covered and heated patio, plus indoor seating with a bar, said Seelam.
So far the group has eight carts committed, including sushi, shawarma and Mexican, Vietnamese and Thai cuisine, and more are in the process, Seelam said. The entire project should be reserved soon, he added.
“We aren’t trying to make it a late-night spot,” he said. “In the daytime it’s nice to have people get together and get some food and drinks. We’re trying to keep the street lively and bring in the old historic Hawthorne feeling there.”
Over 200 affordable homes replace former strip club in Southeast Portland
The old Safari Showclub is now the largest affordable housing project to be built using Portland Housing Bond funds.
PORTLAND, Ore. — A roughly $87 million, 206-unit affordable housing project opened in Southeast Portland on Tuesday on the site of a former strip club.
Hazel Ying Lee Apartments, located at 3000 Southeast Powell Boulevard, replaces the old Safari Showclub with what is now the largest affordable housing project to be built using Portland Housing Bond funds, a voter-backed initiative to create more affordable housing.
The housing was developed by Home Forward, Multnomah County's designated Housing Authority. It received around $33 million in Portland Housing Bonds and will provide different levels of affordability based on a household's income.
Developer behind The Heist food cart pod on adding a bar and a new Division St. project
The owner of The Heist Bar & Food Carts pod in the Woodstock neighborhood is setting his sights on his next project, a cart pod on Division Street.
The Heist pod has been open for a year with 18 carts operating on the site that was once a U.S. Bank branch. The bar portion of the project, which is inside the existing building, is under construction and should be open this fall, said owner Michael Shall.
His next project is at 3829 S.E. Division Street at the site of the Authentic Thai restaurant, which closed in 2023.
Like Heist, this next project will consist of food carts and a bar in the site's building. Shall expects it to have 15 or 16 carts. Since the building already has a commercial kitchen, he is brainstorming ideas for the best use of that space — whether it's hosting pop-ups and residencies or a breakfast concept, he said.
This is a great site, and a few years ago this kind of news wouldn't have caused so much as the blink of an eye. I'm hoping this is a sign of the multifamily market coming back.
Quote:
200 apartments proposed for high-profile Southeast Portland intersection
The vacant Rite Aid and neighboring parking lot at Southeast Cesar Chavez Boulevard and Division Street could welcome around 200 apartments plus parking if the property owner’s plans come to fruition.
Property owner Vinny Small is working on the plans after Rite Aid abruptly closed that location in September 2023. The plans, which could feature retail spaces, include both the former store site and parking lot across the street, for a total of 46,885 square feet.
Small, owner and principal broker at VCS Commercial Reality, is partnering with a developer on the project, he said. He declined to name the developer at this time since the project is in its early phases.
Portland Architecture: Southeast Portland’s courtyard-centered Brookland Apartments set an example
Southeast Portland’s Brooklyn neighborhood is one of the city’s most centrally located and historic, but it has long retained a low profile.
If the large Brookland Apartments project is any indication, that may be changing. And given how Portland-area apartment construction has slowed, we need this project, and more like it.
The neighborhood—originally also called Brookland, before its renaming after the New York borough—is a kind of urban island, between busy McLoughlin Boulevard and the Brooklyn rail yard.
Until recently, larger apartment and condo buildings like those lining much of nearby Division Street have gone unbuilt in Brooklyn.
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