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Portland New Markets Fund I Projects

12 West


Catalytic mixed-use building links Portland's Central Business District with its vibrant Pearl District

Fall 2009

Formerly a surface parking lot located in Portland, Oregon's West End district, the site for 12 West was ideal for creating a mixed-use building that will help connect the business district and the growing Pearl District.

The building incorporates 17 floors of market-rate rental units, three floors of office space, ground-floor retail, and 5 levels of below grade parking. Zimmer Gunzul Frasca, one of the largest architectural firms in the region with 200 employees in Portland, anchors the office space, while the housing portion, indigo12west, encourages inner-city living in line with the city's vision to decrease urban sprawl.

The project is targeting a LEED Platinum rating from the U.S. Green Building Council, and incorporates rooftop wind turbines, solar PV panels and rainwater harvesting in its sustainable design.

An innovative financing strategy allowed for a "carve-out" of $5 million in tax credits to acquire and renovate space in NE Portland for the Albina Head Start project profiled below.

Community Impacts Report - 12W

Albina Head Start

Albina Head Start

NE Portland early-childhood development program benefits from NMTC investment

Fall 2008

Portland New Markets Fund I sponsored the creation of an early-childhood development center in Northeast Portland. The center provides a locally accessible resource for children and their families, and is a home to educational programs for children and adults which are functionally integrated with early-childhood development. The development center will provides resources which support the kind of home-based businesses that help families remain economically viable. PFF acquired site control in 2007 and completed a stabilization project in 2008 to improve the quality of the existing buildings for continued use by the Albina Head Start program. Pre-planning continues to design additional components of the site that will allow the facility to accomplish its longer term objectives going forward.

Smith's Block

Smith's Block

A cast-iron era treasure is preserved in Portland's historic waterfront district

Fall 2008

The Smith's Block building, completed in 1872, is one of the oldest buildings in Portland's waterfront area and a stunning example of cast-iron architecture. RV Kuhns & Associates (Kuhns) purchased the property in 2005 in order to rehahabilitate the space and relocate its Portland office there.

The building was part of the waterfront strategic plan put forth by the City's redevelopment agency which called for the addition of more day time office employees and retail establishments to the area.

The building's historic facade has been retained while the interior has received a significant seismic upgrade in addition to a range of interior improvements that enable it to provide very high quality office space for the Kuhns staff.

Community Transitional School

Community Transitional School

The school for homeless children gets a home

Spring 2008

"This may be the best single project in the country for New Markets Tax Credits" - Zack Boyers, US Bancorp's Senior Vice President, Director of Historic Investments, at the Community Transitional School groundbreaking, July 18, 2007

The Community Transitional School was founded in 1990 in Portland to create a stable educational environment for children whose families were homeless, in transition, or suffering a poverty-related crisis.

In the 16 years of its existence, Community Transitional School had been forced to move 6 times, and was again looking for a new location. The school began a capital campaign to build a permanent facility, but New Markets Tax Credits were essential to closing the financing gap and allowing construction of the new school to begin.

The brand new 9,500 SF school with classrooms, administrative offices, exercise area and track opened in May of 2008. Over 200 children attend the school each year, with average daily enrollment of 70 to 80 students.

Several of the project partners provided consulting, legal, and accounting services pro bono. The project received Honorable Mention in the 2008 Small Business Qualified Low-Income Community Investment award category from the Novogradac Community Development Foundation.

Community Impacts Report - Community Transitional School

The White Stag Project

The White Stag Project

An historic renovation becomes home for a new University of Oregon campus

Spring 2008

The White Stag block is comprised of three adjoining, historic, cast-iron buildings in Portland's Old Town district. Built between 1892 and 1907, the White Stag, Bickel, and Skidmore buildings were identified as a preferred location for the consolidation of the University of Oregon's geographically dispersed Portland programs.

The proposed project fit well with the City of Portland's redevelopment goals for the district, and several public and private entities partnered to push the project forward.

The 133,000 SF facility merges the three buildings together, retaining the historic features that facilitated the effective use of Historic Rehabilitation Tax Credits and New Markets Tax Credits. The new campus is home to the University's Architecture, Journalism, Digital Arts and Law programs, and incorporates administrative offices, a gallery, and retail space. The development also includes three floors of for-lease office space.

The project has earned a LEED Gold certification from the US Green Building Council for its sustainable design features, and a portion of the office space has been certified LEED Platinum for Commercial Interiors.

Community Impacts Report - The White Stag Project

The Fremont Building

The Fremont Building

A long vacant corner lot is transformed into a mixed-use building with office, restaurant and retail

Summer 2007

The intersection at Fremont Street and Martin Luther King Jr. Boulevard in Notheast Portland had long been the site of criminal activity and a long-vacant corner market. The location was identified by the City's redevelopment agency as a potential gateway to the King neighborhood and the rapidly-changing Albina area.

The Fremont Building, completed in 2007 by local minority developers, incorporates 9,500 SF of ground floor restaurant and retail, upper-floor office space, and parking.

Community Impacts Report - The Fremont Building

Vanport Square Phase I

Vanport Square Phase I

Innovative business condominium structure provides wealth-building opportunities on MLK

Winter 2007

The Albina Neighborhood of Northeast Portland has long been one of the city's most economically distressed communities. In particular, a corner on Martin Luther King Jr. Boulevard which included the historic Marco Industrial Building had been identified by the Albina Community Plan as a key node for the area's economic revitalization. Substantial efforts to redevelop this vacant property over a decade had been unsuccessful.

Key to the financing goals of this project was utilizing New Markets Tax Credits to enable a unique business condominium structure. The use of the tax credits directly benefits the business owners by allowing them to purchase their spaces with affordable loans.

The 40,000 SF, 17-unit Vanport Square mixed-use development includes office, retail and restaurant space targeted specifically for the relocation and expansion of locally-owned small businesses. The development offers a diverse mix of services to the Albina Neighborhood.

Community Impacts Report - Vanport Square Phase 1

The Oregon Clinic Gateway Medical Office Building

Oregon Clinic

Financing allows the Oregon Clinic to remain in Portland and serve the local community

Fall 2006

The Oregon Clinic was considering moving out of Portland with 170 skilled medical professionals. A site was identified in Northeast Portland that would be ideal for a new facility. The surrounding underserved and aging community would benefit greatly from a medical clinic located at the Gateway Transit Center, easily accessible by Portland's light rail system.

A broad coalition of municipal partners and investors envisioned the first major development project of Type 1 construction and Class A office space in the Gateway area in more than a dozen years. New Markets Tax Credit funding enabled the Oregon Clinic Gateway Medical Office Building to complete construction.

The facility includes the medical and day surgery practice, on-site diagnostic imaging, a laboratory, a sleep lab and a nuclear medicine facility.

The building design includes structural framing to add up to 10 floors in later phase development for housing and additional offices. Sustainable design features were incorporated to promote a healthy indoor environment for the patients and staff, and the building received a LEED Gold certification from the US Green Building Council.

Community Impacts Report - Oregon Clinic Gateway Medical Building

Portland Small Business Loan Fund

Portland Small Business Loan Fund

Small loans for small businesses

Fall 2006

The lack of access to affordable capital is an acute problem for small businesses in Portland's low-income communities. These businesses traditionally do not qualify for, and may not need, the larger minimum amounts that banks usually provide.

The Mayor's Office and the Portland City Council had specifically supported the idea of a small business lending program to address the strong need for small and micro-business working capital.

The loan fund offers three primary products and services: (a) small business loans from $5,000 up to $50,000 to qualifying low-income community businesses in Portland, (b) individual real estate loans up to $1,000,000 to small businesses located in low-income communities of Urban Renewal Areas in Portland, and (c) technical grants to small home-based businesses. Micro Enterprise Services of Oregon serves as the program manager, providing technical assistance to borrowers.

Union Gospel Mission

Union Gospel Mission

An addiction recovery program adds new space to increase its services to the community

Winter 2006

Union Gospel Mission (UGM) is located in Portland's Old Town neighborhood, a low-income area with a poverty rate of 41.3% and unemployment rates in excess of 50%. UGM provides numerous social services, including LifeChange, a long-term addiction recovery program in which residents live and work at the facility for approximately four years while learning to overcome addiction.

UGM began a fundraising campaign to build a new expansion facility in 2001, but the campaign was hampered by the recession that followed the events of September 11. New Markets Tax Credit funding enabled UGM to close project financing, allowing construction to begin.

UGM's new 28,000 SF, four-story facility has allowed the LifeChange program to grow from 30 to 75 LifeChange participants. It has provided for residential space, classrooms, computer labs, a library, and administrative offices—all empowering Union Gospel Mission to offer a more complete recovery program for addicts.

Community Impacts Report - Union Gospel Mission