Another High Profile Portland Condo Stalls on the Launch Pad

Another 354 apartment units will enter the downtown Portland market next summer, testing the area’s ability to absorb unprecedented numbers of high-end apartments.

The Oregonian and the Portland Business Journal report that the CYAN/PDX will lease its smallish, energy-friendly units instead of selling them in a stagnant condo market.

The CYAN/PDX condo/apartment switch is the sixth project to do so in recent times. The others included the last tower in the downtown Harrison project, Ladd Tower in the Cultural District, SE Portland’s 2121 Belmont, the Pearl’s Wyatt, and the South Waterfront’s 3720.

They join a couple other South Waterfront projects originally designed as apartments, making for a crowded field of new rental living spaces. The Portland Business Journal estimates that 2,500 high-end units will compete for tenants as these projects complete.

Existing high-end renters should feel some security that their leases aren’t going up anytime soon.

Leasing information for CYAN/PDX.

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6 comments October 2nd, 2008