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New Safeway store at the base of the Lovejoy could energize the Pearl District's nort
'Lifestyle Plus' store in Portland features earth-toned decor, custom flooring and special lighting
POSTED: 04:00 AM PST Friday, November 14, 2008
BY SAM BENNETT
Hoping to appeal to shoppers who appreciate the "lifestyle concept," the long-awaited Safeway store in the Pearl District opens today.
The Safeway, at Northwest 13th Avenue and Lovejoy Street, is at the base of the Lovejoy, a mixed-use, Class-A office building under construction. Unico Properties is the developer.
Several years in the planning, the high-end store opens just as the economy slips into a recession and condo sales in the Pearl show weakness in tandem with the nation's housing market.
Brian Pearce, general manager of Unico's Portland portfolio, said the north Pearl area has needed a grocery store. "People have been clamoring for this for a long time," Pearce said. "Having a grocery store in an urban environment is just a challenge. You have to find the right site with the right ingredients."
The ingredients include making the Safeway part of a larger commercial development.
The Lovejoy has 84,000 square feet of office space. Ater Wynne, a premier West Coast law firm headquartered in Portland, next month will be the first tenant to move into The Lovejoy.
Unico has leased about 68 percent of the office space above the Safeway. In addition to Ater Wynne, other tenants will be Pacific Cataract and Laser Institute; Derek L. Brown & Associates, a real estate investment and development company; BPM Senior Living, a senior housing owner and operator; and Business Properties Trust, a real estate development and investment company.
Although it's been much anticipated, the Safeway opens in difficult economic times. In addition to developing the Lovejoy, Unico developed Asa Flats + Lofts, located between Northwest 12th and 13th avenues, and Lovejoy and Marshall streets. Asa has 231 apartments and lofts, nine penthouses and 20,000 square feet of ground-floor retail. Residents begin moving in this weekend.
About 20 percent of Asa's units have been leased. "We're pleased with that," said Greg Van Patten, manager of multifamily investments at Unico. He said renters often sign new leases just as their old leases are expiring, so he expects more residents to come to Asa once it opens.
"If there's any area of the city that going to weather the storm better, it's the Pearl," said Van Patten, referring to the economic downturn. "We're bullish on the Pearl."
Pearce said about 50 percent of the retail space at Asa has been pre-leased. "We expect that space to get filled up quickly," he said.
Sue Miller, vice president of project development at Hoyt Street Properties, said sales of the Encore on the Park, Hoyt Street's 177-condo development, have been slow, compared with recent years.
"We haven't sold a high percentage yet," she said. "The Pearl is not exempt from the overall economy, which is affecting all businesses."
Whereas buyers a couple years ago purchased condos based on virtual tours and model viewings, today's buyers want to see the finished product.
"They don't buy in advance anymore," said Miller, who added that she is confident that sales will "surge" once potential buyers see the units.
Miller echoed the sentiment that the Safeway will be a much anticipated addition to the north Pearl area.
"It will definitely enhance the livability of an already livable neighborhood," she said.
The Pearl Safeway has a "Lifestyle Plus" store concept, featuring an array of prepared foods, organic and natural products, and dry grocery items tailored to local preferences.
Rick Taylor, Safeway district manager, said the store's hearth oven, Starbucks kiosk, sushi bar and self-checkout is what local residents are looking for.
"I think the neighborhood is going to enjoy it," Taylor said.
Andersen Construction Co. is the general contractor on the Lovejoy and Asa.
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