Portland’s hottest new hood: The Stadium District
Once a sleepy hollow of Portland’s urban core, the neighborhood of Goose Hollow is being transformed into one of the hottest real estate markets in the city.
December 18, 2019
- Once a sleepy hollow of Portland’s urban core, the neighborhood of Goose Hollow is being transformed into one of the hottest real estate markets in the city. Centered around the Portland Timbers and Thorns soccer stadium, Providence Park, Portland’s newest micromarket is being reborn as the Stadium District.
- While the neighborhood has been one of the late bloomers in this development cycle with roughly 370 new multifamily unit delivered since 2010, the area is now booming due to its close proximity to the CBD, NW 21st-23rd and The Pearl District as well as having excellent transit infrastructure including multiple lightrail stops.
- More than double the multifamily units already delivered since 2010 are currently under construction (740) and set to deliver in the next 1-2 years and even more (930) are in varying stages of permitting.
- The most prominent multifamily project is Wood Partner’s Alta Art Tower, a 314 unit luxury high-rise that will feature an amenity mix that pays homage to the Artists Repertory Theater next door, which itself is set to go under renovation, including an innovative lobby experience with a performance stage and art gallery.
- On the commercial front, Urban Renaissance Group is currently busy with phase I of their Press Blocks project. Built on the site of the Oregonian Press’s former printing blocks, phase I of Press Blocks is a 133,000 s.f. Class A office building called Canvas that overlooks the newly renovated side of the Providence Park stadium. Phase II of the project includes a 23-story, 337 unit residential tower, an outdoor public plaza and 3 story retail and office building.
- With voters approving a $790 million bond in 2017, Lincoln high school is expected to undergo a $245 million rebuild that is slated to begin in early 2020 and finish in the 2022-2023 academic year.
- Portland is Soccer City USA. It has one of the MLS’s most well attended teams in the Timbers and the best attended NWLS team with the Thorns. The stadium is at, or near, maximum capacity every game and in 2017 there was a 13,000 person waiting list for Timbers seats that was rumored to take about 20 years to work through. Desperately needing increased capacity, Providence Park’s east stand went under construction in 2017 and once completed in 2019, the striking new stand added over 4,000 extra seats to the stadium.
Source: JLL Research