NEWS ARCHIVE
The Business Journal, March 5, 2001
PEARL DISTRICT WAREHOUSE NEXT IN LINE FOR RENOVATION
By
Heidi J. Stout
An historic warehouse on the edge of the Pearl District will the converted to 164 lofts if the Portland Historic Landmarks Commission approves a $32 million renovation of the $5 million property March 12.
This is one of the final hurdles that must be cleared by the building's owner, Evergreen Northern LLC of Portland, before construction can begin next month on the Marshall Wells Lofts.
The
building was once a Marshall Wells Hardware Company warehouse, covering
the block between Northwest Lovejoy Street, Northwest Kearney Street and
Northwest 14th and 15th Avenues. It was added to the National Register
of Historic Places in 1989.
"This
project is different than other Pearl District developments because it's
a real loft," said Evergreen Northern owner Robert Ball. "Others
have to imitate the loft feel--we can give them the real thing."
One-
and two-bedroom condominiums and two-story, 2,800-square-foot penthouses
are planned for the building, designed by architect Daniel Burnham in
1910. The smallest 633-square-foot units are expected to sell for $130,000
and higher.
Changes
such as retail space, mezzanine-level parking and repainting will be seen
at the street level, but the most substantial change is a 4,500-square-foot
hole cut in the center of the building from the roof to the third floor.
The
courtyard provides ventilation and light to 12 one-bedroom lofts located
on each floor of the building's interior.
The
historic landmarks commission has already approved phase one of the loft
project, which will include 164 units, 188 parking spaces, 40 bicycle
spaces in a total of 310,800 square feet when it is completed in May or
June of 2002.
Phase two of the proposal includes a mezzanine level between the first
and second floor for parking and addition of a penthouse floor above the
seventh floor to accommodate the second floor of 19 units.
"I'm
not really a traditional developer, I consider myself a historic preservationist,"
said Ball, who also refurbished The American apartments at Northwest 21st
Avenue and Johnson Street. "I take older buildings and I try to rehabilitate
or restore them. The Marshall Wells is a beautiful project, but the building
is in very poor condition."
The
warehouse is the only surviving building of three owned by the Marshall
Wells company. It housed mill, mining and railroad supplies and goods
from cutlery and saddlery to stoves and sporting goods.
Pearl
District Neighborhood Association spokeswoman Guenevere Millius said renovation
of the dilapidated, dreary warehouse is welcome.
"This is one of the better uses we've seen," she said. "It will bring life to the neighborhood."