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Old 11-29-2017, 10:20 AM   #585
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Join Date: Jun 2016
Posts: 189
Re: Portland Bayside

Originally Posted by cneal View Post

Unfortunately, since Federated first pitched this project to address the city's housing shortage, about 1,000 other apartments have already gone under construction, and a few hundred more are in the pipeline in much more attractive locations than this one. It looked like a smart project back in 2013 when other developers and their banks were still sitting on their hands, but now, with so many other projects competing for tenants, I'm skeptical about whether anyone's going to take the risk on building hundreds of new apartments in a flood-prone area of Bayside.
Federated isn't in a great position with the land, because it isn't in a good location to be anything other than market rate or efficiency apartment units. I can't imagine it being easy to market that location as Condo's or Class A office space. Even for retail, the location along a side street is less than ideal.

I remember some chatter this time last year about possible changes to the site including an event center, hotel, and office space, among other things. But the question is: Would Federated want to go through the hassle of the planning process again? I doubt that. Maybe Federated will sit on the land for a few years and see what happens with the market. Heck, they got construction permits for the garage back in July, which might show some kind of long term commitment to Bayside if they ever break ground on it.

Last edited by Cosakita18; 11-29-2017 at 02:06 PM.
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