Anyone who has been near Downtown Portland lately will have noticed the construction of Park Avenue West, a 30 story building rising adjacent to Director Park. The project is the third skyscraper built by TMT Development, whose founder Tom Moyer passed away last week at the age of 95. Previous projects included the 1000 Broadway building, which was completed in 1991, and the Fox Tower, which was completed in 2000.
The tower, designed by TVA Architects, rises to 460′ — the maximum height allowed Downtown by Portland’s zoning code. A spire extends the total height to 501′-7″. The lower two floors will be retail, and the next 15 floors are residential, with 211 apartments. The top 13 floors are offices, whose anchor tenant will be law firm Stoel Rives. The building will be served by 6 levels of underground parking.
Construction on Park Avenue West began in 2008, and famously halted in 2009 amidst tight credit markets. Excavations had reached full depth, and for over 4 years the site was giant hole in the center of the city. Construction resumed in late 2013 after TMT Development was able to secure a new construction loan for the $175 million project. The loan was provided by PCCP LLC, who financed the project with money invested by the Ohio Public Employees Retirement System. The project is scheduled for competition in 2016.