Park Avenue West Downtown Portland Update
“It feels like the thawing of a long winter.”
Hoffman Construction Executive Vice President Bart Eberwein and others expressed relief today, when TMT Development announced that in late 2013 work will resume at Park Avenue West, a downtown Portland high-rise project that stalled more than two years ago.
The scheduled restart date for the project, considered by some people to be a symbol of the recession’s impacts, is based purely on an expectation that large tenants will seek space in late 2015 and early 2016, TMT Development President Vanessa Sturgeon said.
Complete construction financing for the project was procured within the last 90 days, Sturgeon said.
Park Avenue West is planned as a 27-story office and retail building in a prominent location, on a block bounded by Eighth and Ninth avenues and Yamhill and Morrison streets. TMT Development halted the project, estimated to cost more than $100 million, in April 2009 because of financing problems. The big “hole in the ground” has since generated no work except for occasional adjustments of a towering crane that occasionally blows over the neighboring Nordstrom store.
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