The Business Journal Real Estate Report

WEEK OF SEPTEMBER 22, 1995

Developer John Carroll will convert the Chown Pella warehouse in Portland's Pearl District into 70 condominiums plus ground-floor commercial space.

Carroll said he recently commenced a $12 million rehabilitation project at the four-story warehouse on 1238 N.W. Glisan St. Lofts will range in size from 740 to 1,806 square feet and cost between $100, 000 and $242, 000. Three commercial spaces are included in the designs, which could accommodate residents who want to live and work in the same quarters.

Two recent projects in the area -- the newly built Hoyt Commons and conversion of Irving Street Lofts to condos-- demonstrated condos will sell in the Pearl District, Carroll said.

"I think there's alternatives to gobbling up farmland," said the veteran local developer. "The theme is increasing densities within the urban core."

Carroll is being backed by investors Warren Rosenfeld and Steve Rosenberg, among others. First Interstate Bank provided financing for the $1.2 million building purchase and for the ensuing redevelopment.

The 120, 000-square foot Chown Pella building was erected in 1909. A handful of small tenants will be moved out to make way for the condo conversion.

The Pearl District is "on the verge" of becoming another hot spot like Northwest 23rd Avenue, Carroll predicted. Property owners are sprucing up their buildings, a phenomenon he described as the "clean window factor."

A streetcar is planned to eventually serve the area. The McMenamin brothers also are planning a major dance hall a few blocks away on Burnside Street.

Baugh Construction is [the] contractor for the project. Ankrom Moisan Architects designed the renovations.

"You couldn't create this type of building today because the character, detail and sheer mass would be far too expensive to duplicate," noted Jeff Hamilton of Ankrom Moisan. "The feel and design of the living spaces will be something you just can't get in a newly built home."

The Business Journal week of September 22, 1995 Real Estate Report

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