In the Works...
- Atwell Off Main
Phase 1 Complete
After breaking ground 15 months ago, work has been completed on the corner building of the $30 million Burnham/Ash mixed-use development. The first residents of Downtown’s newest apartment complex are moving in March 1. Additionally, 1800 square feet of commercial space is available to lease. The second, larger building is scheduled to open in May.
This new development offers a range of units and rents for young people just entering the job market, families and “downsizing” baby boomers. Attracting new residents to downtown is a goal of urban renewal and the city’s strategic plan. Downtown residents will be able to talk advantage of a short walk to Main Street businesses, the Tigard Public Library, the Westside Express Service (WES) commuter rail service and the eleven bus lines that can be caught at the Tigard Transit Center.
On April 14, 2015 the City Center Development Agency (CCDA), Tigard’s urban renewal agency, signed a development agreement with developers Capstone Greenlight LLC and DIG Tigard LLC. The proposal calls for the construction of 165 market-rate apartments and 1,819 square feet of commercial space.
Major Milestone for Tigard
The project advances several long held goals for the downtown and implements objectives of the Tigard Downtown Improvement Plan, the City Center Urban Renewal Plan and the Downtown Connectivity Plan. The development also supports Tigard’s recently adopted strategic vision to become the most walkable community in the Pacific Northwest where people of all ages and abilities enjoy healthy and interconnected lives.
Through the agreement, the developer team purchased the agency owned property for its appraised value of $1.65 million. The CCDA invested $1.65 million of the estimated $2.8 million in system development charges (SDC) incurred by the project.
The project also qualifies for a partial 10-year property tax reduction under the state’s Vertical Housing Development (VHDZ) program. The project should generate $7.8 million in property taxes over 20 years, although some of these taxes are expected to be forgone under the VHDZ program. The remainder of the taxes will be reinvested in additional downtown projects to further revitalize the downtown as long as the urban renewal area is in place.
The development, “Attwell Off Main” is now leasing.
The City Center Development Agency (CCDA) has plans to redevelop the two Main Street properties it acquired. The urban renewal agency was awarded $400,000 in grants from the EPA Brownfield Cleanup program. The cleanup work is projected to be completed by fall 2017. View the project timeline.