Denver-based Simpson Housing LLLP, developer of the low-rise South Waterfront condo project The Matisse, is proposing to build a 206,000-square-foot apartment building on a vacant lot on NW14th Avenue at NW Irving Street, reported The Oregonian. Developers plan to meet with city officials next month to see if the project is doable.
If it gets the green light, the building would include retail shops and office space on the ground floor, as well as an underground parking garage, according to the article. The Portland area’s vacancy rate is among the lowest in the country at 3 percent. The national rate is 9.8 percent. The Pearl District in particular has a vacancy rate of just 2.4 percent.
–Photo by Joseph Readdy, Flickr Creative Commons