Affordability tempers construction boom
Growth in urban core not slowing anytime soon; hotels lead wayAs anyone who lives, works or even travels through downtown Portland and its surrounding neighborhoods knows, the urban core is experiencing a construction boom. Many new buildings are rising in the heart of town, Northwest Portland, the inner east side, and even blocks away. And a large number of existing buildings are being renovated, too.
In fact, according to a new report, there are a record number of active construction projects in the area officially designated as the Central City. Forty-five projects are currently under construction, according to the 2017 Development/Redevelopment Report released Wednesday by Downtown Clean & Safe, the Portland Business Alliance-affiliated organization that helps maintain downtown. That's up from 39 last year and is the highest number documented since the annual reports began 15 years ago.
"It's fantastic to see such strong investment and growth across the Central City. This report makes it clear that downtown Portland continues to be a vibrant, attractive place to live and do business," says Cindy Laurila, corporate real estate manager at Portland General Electric and board chair of Downtown Clean & Safe.
The report also makes it clear that the construction boom is not slowing down anytime soon. It lists 56 more projects that either are in the permitting process or on the drawing board for coming years.