By Alex Girda, Associate Editor
South Lake Union is a neighborhood that could carry any major city, with the amount of real estate development and interest it is currently seeing. The new hot spot is hitting all of the required notes and doing so smartly. If there was any need for confirmation, the Allen Institute for Brain Science is taking over an entire block of the neighborhood for the construction of its new facility.
The development process will combine the old with the new, as some of the older buildings on the site will be be incorporated in the institute’s new home. The six-story building will feature a total of 240,000 square feet of research space, a retail component and an underground parking facility offering 240 spaces, the Puget Sound Business Journal writes. The center will also feature a number of environmental and community-conscious fixtures. The Allen Institute for Brain Science is a locally based medical research nonprofit that has already completed its first decade of activity.
In other news, Portland’s multifamily sector is set to witness a new type of development, as plans for the northeastern part of the city call for a social housing complex. The Beech Street Apartments will be a 61-unit building that will replace a public housing development. Home Forward, previously known as the Housing Authority of Portland, and Life Works NW will each operate a share of the residential units.
The 32 units handled by Home Forward will be alcohol- and drug-free apartments, while LifeWorks NW will be in charge of 29 studio apartments that will go to its residential treatment program serving African-American women and their children, the Portland Business Journal recently reported. The property will be developed by Gerding Edlen from a design by Holst Architecture, and contracting duties will be handled by O’Neil/Walsh Community Builders L.L.C. Financing is coming through a variety of sources, including private funds and a federal Low Income Housing and New Market Tax credit facility.
Rendering courtesy of homeforward.org.