Neighborhood Spotlight: Downtown Central

The city of Portland is amid its biggest development boom since the 1980s, and one area that’s seeing significant change is downtown. In this three-part blog series, we divide the area (south, central, and north) and explore the many exciting real estate projects taking place.

Downtown Central

The central part of downtown Portland lies between the Hawthorne Bridge and Morrison Bridge and is bordered to the west by I-405. Here, visitors and residents can enjoy hotels, bars & restaurants, shopping, and cultural attractions as well as green spaces like Chapman Square, Director Park, and Tom McCall Waterfront Park. In just a couple years, the area will see even more activity with the addition of two hotels, several building renovations, and a 10-story office building for an estimated total of $520 million in developments.

Neighborhood Development

(The downtown central area includes properties west to east from the waterfront to I-405 and south to north from SW Morrison St. to SW Jefferson St.)

As of September 2019, there are six projects proposed or under construction and two that were completed in 2018 or 2019.

  • 250 Taylor Mixed-Use Property (under construction, completion & occupancy Q1 2020)
    • 915 SW 2nd
    • Approximately $90 million development
    • A 10-story building with 181,295 square feet of office space (pre-leased to NW Natural through Melvin Mark Brokerage Company), 9,530 square feet of retail space, and below-grade parking.
  • Hyatt Unbound Hotel (construction to begin Q1 2020)
    • 930 SW 3rd
    • $111.5 million development
    • A 20-story, L-shaped tower with 180,000 square feet of space featuring 250 guest rooms and ground-floor retail space.
  • The Portland Building Renovation (under construction, completion: 2019)
    • 1120 SW 5th
    • $195 million capital investment
    • Renovations to the historic 15-story building that includes a seismic upgrade, water filtration adjustments, exterior renovations, and MEP systems replacements.
  • PACWEST Renovation (completed 2019)
    • 1211 SW 5th
    • $20 million capital investment
    • A renovation that includes a new state-of-the-art lobby, upgraded MEP systems, a fitness facility, meeting spaces, and a tenant lounge.
  • 10th & Yamhill Parking Garage Renovation (under construction, completion: 2019)
    • 730 SW 10th
    • $25 million capital investment
    • A renovation that includes a ground floor retail enhancement, new lighting fixtures, and optimized vehicle and bicycle parking.
  • Hyatt Centric (under construction, completion: 2020)
    • 619 SW 11th
    • A boutique 15-story hotel with 220 rooms, 3,000 SF of meeting space, a restaurant, and a bar.
  • 6th & Main Renovation (completed)
    • 1050 SW 6th
    • $10 million capital investment
    • Renovations to the 23-story office tower include a new entrance, reception area, conference rooms, wellness room, and lounge/breakroom.
  • Portland Art Museum Renovation/Expansion (proposed)
    • 1219 SW Park Ave.
    • $50 million capital investment
    • Updates include a glass-walled building expansion with new art and public spaces as well as renovations to the art museum improve accessibility and interconnectivity.
  • Pioneer Tower Renovation (completed 2019)
    • 888 SW 5th Ave
    • $2 million capital investment
    • Renovations to the 17-story tower included a full lobby remodel including upgraded features and furniture.
  • Moda Tower Renovation (under construction)
    • 601 SW 2nd
    • Renovations to the 24-story tower include an updated lobby, added conference space, and a bicycle room.
  • Newberry Building Renovation (under construction)
    • 617 SW 4th Ave
    • Renovations include a new office entry and lobby, new windows, and new bike parking and shower facilities
  • Meier & Frank Building Renovation (completed 2018)
    • 555 SW Morrison St.
    • $16.6 million capital investment
    • Renovations include the conversion of levels 2-5 to creative office space (now largely occupied by Portland State University), updates to the exterior, and 5 new ground floor retail spaces.
  • Galleria Building Renovation (proposed)
    • 600 SW 10th
    • Renovations include a seismic upgrade, updates to office space on the top two floors, and addition of a 6th-floor penthouse.
  • Power + Light Building Renovation (completed 2018)
    • 920 SW 6th
    • Renovations include a new grand entrance and custom furnishings and fixtures to create a historic creative office space.

2&Taylor

In 2015, Melvin Mark Companies worked with Henneberry Eddy Architects to renovate a three-story, 70,000 square-foot building at 110 SW Yamhill St. The project, branded 2&Taylor, transformed the old Yamhill Marketplace into beautiful creative mixed-use office and retail space. With exposed ceilings, abundant natural light, open floor plans, and wood, glass, and steel features, the building is now a vibrant location for local businesses.

Currently, 2&Taylor is occupied by Jama Software, 40 LBS Coffee Bar, Fuel Yoga Workouts, The Q Restaurant, and Mercari. However, there is still 2,513 square feet of retail space available. The location boasts easy access to public transportation including the Yamhill District MAX station and several bus lines. It’s also just two blocks from the Morrison Bridge, offering a convenient link to I-5, I-84, inner Southeast, and the rest of eastern Portland.

2&Taylor also has an 8,000 square-foot rooftop patio for tenants to enjoy and received two Green Globes for meeting environmental performance certification standards. In addition, it’s positioned near a variety of bars, restaurants, shopping, and other amenities as well as green spaces like Tom McCall Waterfront.

“I love that there are so many new projects in this area,” says Melvin Mark retail broker Nicole Onder. “This section of downtown Portland is seeing significantly more mixed-use developments and is increasing in density, so there’s a high demand for good restaurants and retail services. With the solid tenant mix that’s already at 2&Taylor, the area is an ideal location for traffic.”

If you’re interested in the space available at 2&Taylor, please contact Nicole Onder (licensed in OR) at nonder@melvinmark.com or 503-546-4540.

2&Taylor

2&Taylor

2&Taylor

Other Melvin Mark Properties

At Melvin Mark, we’re happy to own or manage several buildings in the downtown central area. In addition to 2&Taylor, we own, lease, or manage:

  • Broadway Building (625 SW Broadway)
    • Space available: 4,626 SF on 5th floor
  • Hilton Ex Tower & Garage (525 SW Taylor St.)
  • Pioneer Park Building (715-719 SW Morrison St.)
    • Space available: 3,654 SF across 6th & 7th floors
  • Portland Community College Downtown Center (722 SW 2nd)