NEWS ARCHIVE
Daily Journal of Commerce, August 2001
FROM AN OLD WAREHOUSE, URBAN LOFTS ARISE
Page
2 of 2
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Planned
are 164 mixed-price condominiums, 193 parking spaces, beginning at ground
level, and 5,100 square feet of ground floor retail space along 14th Avenue.
Up to 40 condominiums will be live-work lofts, accommodating graphic artists
and other professionals who are gravitating to the area. Ultimately, the
choice of firms with multi-faceted experience has paid off, he believes.
Ball said that since warehouse space is open and exposed, there haven’t
been the type of surprises that can lead to runaway costs. But elaborate
preparations were made.
“I
had an inspection catalog,” Ball said. “We looked at every area
of the building. We don’t have any walls — it is all posts and
beam and connections, so we were able to go through all the connections
and see what is holding the building together.”
Along
the way, he cataloged the types of material used and the sizes of beams,
noting their tapered dimensions.
“Each
one of the beams on the lower floors was an entire tree,” he said,
adding they were about 27 inches square.Citing an example of the extent
to which the structure was examined, “we dug out the footings in
the bottom of the building to determine how big they were,” he said.
“You have to find out what you have, and then you have to combine
that with the modern seismic code.”
“For
anyone that would want to do a project like this, hire the best engineers
and architects and come up with a design that works,” he said.
Despite the complexities, there have been advantages, including the quality
of timber used in the construction of the building, which was built in
two stages, beginning in 1910 with the first four floors.
Designed
by architect Daniel Burnham, the building, known as the Marshall Wells
Warehouse, is on the National Register of Historic Places. Because of
the building’s heritage, Ball also was able to qualify for a program
through the state Historic Preservation Office that will provide condominium
buyers with a 15-year freeze on property taxes at their current level
— a potential carrot in marketing the units for sale. He said that
he has constantly monitored expenses, along with market conditions in
the area, to ensure that he is up to date in delivering what the community
wants at a price people will pay. Factored in are prices for comparable
condos in the Pearl District neighborhood.
Construction
began in early May, after he decided that key indicators (such as interest
rates and absorption of existing condominiums within the area) were strong
enough to proceed with construction. The project is expected to be done
around August 2002.
For
Ball, the project already has proven an indelible learning experience,
given his role in the center of it all. Other than the construction team
(Ankrom Moisan Associated Architects, Howard S. Wright Construction, KPFF
and Interface Engineering Inc. which did mechanical engineering), his
help comprises two administrative employees, someone to monitor the construction
process, and the real estate and marketing personnel. He also cites Home
Street Capital for providing the construction financing.
While
the job has proven infinitely more complex than building anew, he finds
gratification in it all.
“I will always be able to walk by that building and say I had a role in keeping it alive,” he said.