The Portland Housing Bureau has selected a joint venture (JV) of Home Forward and the Urban League of Portland for a significant housing project in the Broadway Corridor, US.
The Broadway Corridor is a 34-acre site overseen by Prosper Portland.
Prosper Portland director Kimberly Branam said: “Connecting the Old Town and Pearl District neighbourhoods, this new district in the heart of our city will spur inclusive economic growth and deliver on our shared values as a site of connection and environmental stewardship; a vibrant mixed-income community; and a bustling centre of employment and commerce.”
The JV will receive $37.5m from Metro Affordable Housing Bond funds and $4.5m in River District Tax Increment Financing for the construction of 230 affordable rental units.
This high-rise, mixed-use building will serve as a central feature of the new community, offering housing to more than 400 individuals in Portland.
The project is set to begin in mid-2026 and is expected to be completed by mid-2028.
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By GlobalDataThe variety of apartments will include studio to three-bedroom options, with a focus on accommodating families and larger households.
A portion of these units will be offered at reduced rents to extremely low-income tenants, with some also providing comprehensive supportive services.
The Urban League plans to manage an Early Learning Center and a Workforce Development Center on the premises, enhancing the resources available to both residents and the neighbouring community.
Additional amenities will include a community room, outdoor recreational spaces, and offices for property management and services.
The developers are committed to environmentally responsible design and building methods, aiming for an Earth Advantage Platinum rating with support from the Portland Clean Energy Community Benefits Fund.
Holst Architects has been chosen as the design company, with Colas Construction as the general contractor.
This development represents the largest single investment in new construction funded by either the Metro Affordable Housing Bond or Portland Housing Bond in the region.
With this project underway, the Portland Housing Bureau has exceeded its original objectives for the Metro Housing Bond, now set to create 2,046 affordable homes against an initial target of 1,475.
