Properties in the Pipeline
REACH’s Works in Progress
Seven Corners Condominiums
On the long-vacant site of an old gas station on the corner of SE 20th and Division, the “Seven Corners” condominium development will offer twenty seven units of housing for home buyers. Some of the condos will be more affordable and sold to households earning less than 80% of the Portland-area median family income. The “profit” from the market rate units will be used to subsidize the affordable units, allowing REACH to sell them below cost. Additionally, the development will include ground floor retail space along Division Street.
Due to a slump in Portland’s condominium market, REACH plans to put our Seven Corners project on hold until the market turns around. External factors have influenced the delay but not our intention to develop Seven Corners as proposed. Currently it is more difficult for first-time home buyers to qualify for mortgages, due to the national credit crunch. The Historic Landmarks Commission approved our design in November 2007, which allows us until November 2010 to start construction. Seven Corners will be complete 14-16 months after we resume development.
Patton Park Apartments
As of March 15, 2008, REACH owns the land that will soon be Patton Park Apartments. Construction begins in early April 2008. In 2006 REACH was selected by Tri-Met to build a mixed-use transit-oriented development (TOD) on the site of the old Crown Motel at N. Interstate Avenue and Emerson Street. When construction is complete, the Overlook neighborhood will have a new 5-story 54 unit building for working families,* and 4,600 square feet of commercial space. Patton Park Apartments is located one block from the MAX light rail Killingsworth Station and across the street from Patton Square Park. The variety of unit types range from studios to family-sized 3-bedroom apartments. This development marks a transition for a neighborhood faced with gentrification and in need of commercial activity that serves local residents.
The Crown Motel sign was successfully removed for future restoration. For photos click here. Completion is scheduled for January 2009.
For renters, waitlist applications will be available in May 2008. Please check back for more leasing information. Full Lease-up starts in January 2009.
* up to 60% of Area Median Income
