Cambridge Condos

Cambridge Condos  In early May 2005, developer Marty Kehoe purchased a 1.62-acre sliver of Northwest Portland that will offer nine penthouse units asking from $565 to $1,000 a square foot -- as much as $3.5 million for a 3,500-square-foot unit with the most amenities. That could surpass the penthouse prices of about $600 to $700 a square foot in the city's two neighborhoods: South Waterfront and the Pearl.

The 73 units in The Cambridge project will rise about five stories, with about three stories peeking over Northwest Westover Street, between NW Glisan and NW Irving streets.

Kehoe bought the land from the Drake family of Portland. The site is part of the former site of St. Vincent's Hospital, which moved to the Sunset Corridor several decades ago.

 Sales Update - March, 2007 

The Cambridge has pre-sold 79 percent of its units out of a total of 61 units.  About 15 units remain unsold. 

Location  In the Northwest District at NW Westover - between NW Glisan and NW Irving Streets.  It is  within 2-3 blocks of the Uptown Shopping Center (see 24th Place Condos below).  See Map of Northwest District.
Developer  Marty Kehoe, president of MK Development. 
Construction  New.
Number of Units  63 penthouses and condominiums along with 10 townhomes.
Style  Traditional.
Pricing  From high $300 to well over a million.
Square Foot Pricing  Condos from $380 to $565 a square foot.  Penthouses are priced at about $1,000 a square foot.
Parking  All units will have parking spaces.
Sales Office  Sales office opened in mid June 2005 at 909 NW 19th Avenue.  Telephone: (503) 222-3343.  Should you elect to have a realtor represent you, call Susan at (503) 497-2984.
Reservations  The Cambridge is now taking reservations.
Completion Date  Spring 2007.

Northwest District Homes Currently for Sale  Northwest District Homes.
 

Irving Street Towers

Close to 50 percent of the units at the Irving Street Towers sold on the condominium project's first day of sales on April 26, 2006.

The project at 2109 N.W. Irving Street in Portland is a 52-unit building renovation. The restored structure, built in 1910, is on the National Historic Registry.

The units range in size from 300 square feet to 800 square feet and are available as studios, double studios or one-bedroom units. Asking prices range from $100,000 to $250,000.

The apartment building was converted into condos by MK Development.

Location  2109 N.W. Irving Street in the Northwest District neighborhood.
Developer  MK Development.
Construction  Converted apartment building that was built in 1910.
Number of Units  52 studios, double studios, and one-bedroom units.
Pricing  From $100,000 to $250,000. 
Parking  Unknown.
Sales Office   Realty Trust.  Telephone: (503) 294-1101.  
Reservations  Sales begin in late April 2006.
Move in Date  Unknown.

Northwest District Homes Currently for Sale  Northwest District Homes.
 

The Vaux

The Vaux  After years of developing high-end apartment buildings in the Portland area, Trammell Crow Co. has entered into the condominium market with the company’s latest development, The Vaux.

The approximately $42 million, 242,000-square-foot project, which is located at the northern edge of Northwest Portland’s Nob Hill District, will contain 145 units configured in two separate four-story buildings surrounding a landscaped courtyard. The exterior facades of the buildings will feature brick, metal-clad wood windows, pre-cast concrete windowsills, copper flashing and composite wood panels.

Homes will feature hardwood floors, granite countertops, gas appliances and fireplaces, wood windows, decks and an outdoor courtyard.  Dining and shopping just steps away on Northwest 23rd and Northwest Thurman.

Units will be a mix of flats and one- and two-bedroom units ranging in size from 602 square feet to 2,003 square feet.  The buildings will include penthouse units with views of the West Hills and underground parking will be available.

 Sales Update - March, 2007 

The Vaux has pre-sold 86 percent of its units out of a total of 145 units.  About 20 units remain unsold.

Location  Northwest District at NW 24th and Savier. See Map of Northwest District.
Developer  Trammell and Crow.
Construction  New building.
Number of Units  145 units configured in two separate four-story buildings surrounding a landscaped courtyard.
Style  Lofts and traditional style with multiple rooms. Penthouse units also. Unit size are from 600 square foot loft-style studios to 2,000 square foot penthouses.
Pricing  As of late April 2006, only a few units (penthouses) are still available.
Parking  184 underground parking will be available along with 104 storage facilities.
Sales Office  The sales office is at 2235 NW Savior Street - just across the street from the project.  Telephone: (503) 221-0700.  Should you elect to have a realtor represent you, call Susan at (503) 497-2984.
Reservations  Reservations accepted as of mid-March 2005.
Completion Date  Late 2006.

Northwest District Homes Currently for Sale  Northwest District Homes.
 

 The Westerly

The Westerly  Despite strong opposition by the Northwest District Neighborhood Association, the Portland City Council approved developer Jack Onder's The Westerly Condominiums on May 18, 2005.  The vote paved the way for the controversial 14-story tower and four-story row of townhouses at Northwest 24th Place and Westover Road to be built across the street from the Alphabet Historic District.

The neighborhood believed the building to be out of scale with the mostly three-story buildings across the street.  It took 18-19 months to go through the review process.  A condo tower proposed by developer by Jack Under has stirred concern that the tower would block views for residents of the converted apartments. The Northwest District Neighborhood Association has appealed other city decisions to the state Land Use Board of Appeals and beyond.

 Sales Update:  April, 2008 

The Westerly has pre-sold 40 percent of its units out of a total of 104 units.  About 60 units remain unsold.

Location  In the Northwest District at NW 24th Place and NW Westover Road.  This is just off West Burnside.  See Map of Northwest District.
Developer  Jack Onder teams with Williams & Dame.  Onder is also developing the Strand at RiverPlace along with Homer Williams.
Construction  New construction.
Number of Units  14 stories with 104 units.  It may also include some 4-story townhomes.
Style  Unknown as of May 24, 2005.
Pricing  3200,000s to $3 million.
Parking  Underground parking will be available.
Sales Office  Uptown Shopping Center at NW 23rd Place.  Phone (503) 226-4300.
Reservations  Unknown as of May 24, 2005.
Completion Date  Summer 2008.

Northwest District Homes Currently for Sale  Northwest District Homes.
 

Tax Abatement Condos

Many of the condo developments offer tax abatements.  Homeowners still pay taxes on the land and any increases in value allowed under Measure 50 (limits to percent the annual increase in assessed home values).  Tax abatements can take many different forms such as:

• Historic (i.e., property is on the National Register of Historic Places)

• Special assessment tax breaks on properties near transit centers (i.e., light rail stations)

• Special assessment tax break in areas where the city wants to encourage residential development

• Developments designed for first-time or low-income buyers

There's even a program to buy a run-down property, get the taxes frozen at the property's as-is value, fix it up and enjoy the saving.  Visit these Web site to learn more:

• Portland Development Commission

• Multnomah County Tax Exemption Office

• Oregon State Historic Preservation Office

• Oregon Department of Revenue

Condos in the downtown area offering tax abatements are as follows;  Cornerstone Condos (1134 SW Jefferson Street), Marshall-Wells Lofts (1420 NW Lovejoy Street), The Avenue Lofts (1400 NW Irving Street), The Embassy (2015 NW Flanders Street), and Chown Pella Lofts (416 NW 13th Avenue).