Wednesday, May 8, 2013

Update: Downtown $50M+ LO Mixed Use Redevelopment Site Proposal: 240 Apts , Rents @$1,500-$2,600.

Lake Oswego Review story HERE says that developer will be looking for a $5 milllion city commitment. This was not discussed during the public portion of the LORA meeting, so it may have come up in Executive Session or in following City Council meeting or in seperate discussion with developers. Story also indicates 242 apartments, not 240 and that waiver of 4 story height limit would also be required

Months after terminating the Foothills Redevelopment Urban Renewal Plan and planned funding for affordable rental housing, the City Council, acting as the LO Redevelopment Agency, heard a presentation this week about a mixed use plan to redevelop the underutilized downtown Wizer Block. 

While details are initially absent from the posted on line materials, I attended the LORA meeting; my notes on the planned development include some VERY preliminary numbers:
  1. 240 Apartments over retail with enclosed courtyard, up to 5 stories.
  2. Retail , 30k Sq. Ft. 
  3. Permanent retail jobs , 30-40. 
  4. Temporary Construction jobs, 1K? (Likely part year, not FTE).
  5. Could get close to 500 parking spaces, 130 for retail, and up to 360 for apartment residents. Parking per resident, 1.2 to 1.5 spaces per unit. 
  6. The project requires some Planning Commission approvals, including approval of ground floor housing. 
  7. Projected increase in property taxes $680k per year; additional one time $193k to Lake Oswego schools in construction excise tax.
  8. Bedroom Distribution: 108 1 BR, 120 2 BR, 12 3 BR. 
  9. Rents : 1 BR $1,500;at 750 sq.ft that would be $2 a sq.ft. Top rental rate is projected at $2,600 per month. 
  10. Using $200k cost per unit, and modest retail and other costs, this project looks to easily be a $50m+ project.    

Oregonian story HERE has details about development firm (O story says 280 apartments, but my notes in two different places say 240 units; I think 280 was mentioned as low end # of parking spaces for apartments).

Originally created and posted on the Oregon Housing Blog. 

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