BPM Real Estate Group to make the single largest affordable housing investment in Portland’s history
Block 216 closes on additional financing to secure funding through completion
PORTLAND, Ore., June 20, 2023 /PRNewswire/ — BPM Real Estate Group announces the August 15, 2023 opening of Block 216, the 35-story mixed-use tower located in Portland’s Central Business District. Residential condominium sale closings will be scheduled for new owners of The Ritz-Carlton Residences, Portland beginning on opening day. The debut of The Ritz-Carlton, Portland hotel will also be celebrated during a ribbon cutting ceremony that day.
FLOCK, the all-new open-air cuisine experience on the first floor of Block 216 is expected to be unveiled in November 2023. Each of the nine vendors are local BIPOC-owned businesses that include well-known restaurants, food carts, a futuristic coffee shop, brewery and bakery. The century-old Portland jewelry and watch retailer, Packouz Jewelers, will move into the remaining retail space on the first floor this fall. Further, BPM has secured two tenants for office space within Block 216: leading national law firm, Davis Wright Tremaine, LLP and San Francisco-based venture capital firm, Banneker Partners.
This announcement comes on the heels of BPM Real Estate Group’s recent closing of additional financing that will secure project funding through construction completion and the start-up period through December 2024.
BPM Real Estate Group and the Portland Housing Bureau have also reached an agreement regarding the timing of the $7.76 million payment under the City’s Inclusionary Housing Program, which is made to facilitate offsite affordable housing. This payment, due on December 31, 2025, will result in the single largest investment supporting affordable housing in Portland’s history. Walter Bowen, CEO of BPM Real Estate Group, remarked “I look forward to seeing the direct impact of this investment in the program for creating a difference in affordable housing for our city.”
“As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” enthusiastically noted Walter Bowen. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.”
The projected net new jobs from Block 216 is approximately 2,000 living wage jobs, which includes 350 Ritz-Carlton, Portland hotel employees at full capacity. The total amount of government fees (including the payment-in-lieu for the residential component) is $25 million and the estimated annual net new real estate, income and hotel tax is $10 million annually.
About Block 216
Block 216 is one of the largest private sector developments in downtown Portland, and the most complex construction project in Portland’s history. On the outside, it is a striking presence that will transform the way the world views the city. The building will house The Ritz-Carlton, Portland, a 251-room hotel, as well as The Ritz-Carlton Residences, Portland, with 132 Residences and Penthouses, plus underground parking, ground floor luxury retail space, FLOCK food gallery, 11,000 sq. ft. of elegant event and meeting spaces, and 165,000 sq. ft. of class A office space. Block 216 is conveniently positioned in the heart of Portland’s burgeoning West End, fostering immediate access to all that the city has to offer. Block 216 is positioned only steps away from Portland’s best high-end dining, bars, boutiques, art galleries, and more.
SOURCE BPM Real Estate Group