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Park
Avenue West, nicknamed PAW, is a high-rise building that started construction
in the spring of 2008. When completed it will stand at a height of 515 feet
and become the third tallest building in Portland behind the Wells Fargo
Center and the US Bancorp Tower.
Park Avenue West is scheduled to be completed in 2010
and is being developed by Tom Moyer (TMT Development). The tower will have
a total of 32 floors and offer retail space, office space and 85 housing
units. The plans call for the top 12 floors to be condos. It will
also have a five floor underground garage with 315 parking spaces. The roofline
will be at 476 feet, but the building will have two twin spires at the top,
which put the building at a height of 515 feet. The twin spires are expected
to be lit up at night.
According to the plans, the parking garage will connect
to the parking garage under Park Block 5 (adjacent on the south side), which
also connects to the Fox Tower.
The new Simon and Helen Director Park is located just
east of the Park Avenue West Tower (South Park Block 5). Phase 2 construction
begun in 2008. A second restroom has been added to the cafe building
design because of the projected number of cafe patrons. The second restroom
will open to the interior and is anticipated to serve cafe activities. The
building will extend 3.5 more feet to the north, but views from the corner
into the park have been preserved. The cafe leasing process resulted in
the selection of Dwayne Beliakoff who will open a cafe, named Viola after
the stringed instrument, in April 2009.
April 2009: Park Avenue West Construction Suspended
Tom Moyer, one of Portland's most successful real estate
developers, halted work on April 13, 2009 on Park Avenue West. Moyer's decision
to pull 350 workers off the Park Avenue West is a stunning sign that no
city, no person and no block is spared from this recession. Park Avenue
West is anchored on prime downtown land. The building, originally scheduled
to open in 2011, already was more than half leased by a law firm and a Nike
store.
TMT Development, the Moyer's company that is building
Park Avenue West said that construction financing could not be found. Lenders
have tightened their requirements on loans and cut the amount of debt that
borrowers can incur. In past years, lenders would allow developers like
Moyer to borrow up to 75 percent of a property's value. Now, it's 45 percent.
At the job site on Friday, April 10, the concrete, mechanical
and iron workers left the site about 3 p.m. with the building 15 percent
finished. It remains just a parking garage, about three floors below ground.
Location 431 S.W. 12th Avenue.
See map
of downtown - PDF format.
Developer Tom Moyer and TMT Development Company. It falls
just a few blocks from Moyer's previous downtown tower, the Fox Tower and
the 1000 Broadway building.
Construction Type New construction.
Green They are shooting for a LEED designation.
Number of Units 85 condominiums on 12 floors.
Style Unknown.
Prices Unknown.
HOA Fees To be announced later.
Parking Parking spaced available.
Sales Office Unknown.
Reservations Unknown.
Completion Date 2011.
Downtown Condos Currently for Sale
Downtown Condos.
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