TMT Development Co. restarted the long-stalled construction of its Park Avenue West tower project on Friday.
The Portland real estate development and management company closed a construction loan on Tuesday and began removing temporary barriers installed around the site this morning.
In an exclusive for the Portland Business Journal, Vanessa Sturgeon, president of TMT, said the company will construct a 30 story tower with two floors of retail, 15 of apartments and 13 of office space. Eleven floors of office space are leased to an undisclosed tenant.
More: Photos from the work site as the tower is built
It’s the apartment component that helped push the project back to life 55 months after it stalled, leaving a gaping hole in the block west of the downtown Nordstrom store, 728 S.W. Ninth Ave.
Park Avenue West will have 211 apartment units, to be managed by Riverstone Residential.
The combination of pre-leased office space and apartment units apparently made the project attractive to lenders.
The lender, PCCP LLC, is placing the construction loan for the $175 million project on behalf of the Ohio Public Employees Pension System.
Portland Business Journal subscribers can read more about the skyline-altering project in this week’s edition of the paper.
The Portland Business Journal is a KATU.com news partner