2018 continues to be an active year for the Guardian Real Estate Services development team. The state of the market is strong and the outlook for multifamily is promising. As a top developer in the multifamily arena we are moving forward with both commercial and mixed-use projects in the Portland metro-area.
Located on the former Bernard’s Garage site in the heart of Downtown Milwaukie, Axletree Apartments will be the first newly constructed five-story multifamily and mixed-use building the city has seen in 10+ years. Axletree features 110 apartments including contemporary studio, one- and two-bedroom homes and 7,000 sf of retail space for community convenience. As a hometown developer, owner, and property manager Guardian has worked closely with the City of Milwaukie during the design process understanding the importance of the historic charm and vibrant community that Milwaukie offers. Financing for the project will close this spring and anticipated construction completion is spring of 2019. For more project information or to receive Axletree Apartments updates visit www.axletreemilwaukie.com.
Block 33, located in Old Town Chinatown, is a proposed mixed-used development featuring apartments, ground floor retail and subterranean parking. 10% of the apartment homes will be affordable at 60% MFI. The Project is in a historic district and will be designed in accordance with the New Chinatown/Japantown Design guidelines put forth by the city’s Landmarks Commission. Guardian is requesting an amendment to the 2035 comprehensive plan to increase the height allowance to 200 feet on the western portion of the block, which allows for twice the number of units and is encouraged by the Old Town Chinatown Community Associations support of the request. If approved this project could be a catalytic development for the historic neighborhood.
Adding to Guardians foothold in Old Town Chinatown Guardian purchased Tuck Lung, a building with deep roots in the area. “We felt that owning more rather than less in the Old Town Chinatown neighborhood was a good strategy,” said President Tom Brenneke. The property offers 9,000 square feet of commercial space, room for up to 4 commercial tenants. Originally Guardian acquired the property with plans to execute both an exterior and interior rehab but after hearing the community’s concerns have decided to keep the exterior of the building as is. Guardian is invested in the community revitalization of Old Town Chinatown and hope that the interior rehab and exterior cleanup will help draw more people to the historic neighborhood while not altering the character of the building.
Koti is an urban mixed-use building paying homage to Northwest Portland’s rich Scandinavian history. The property consists of 200 apartment units and approximately 14,000 square feet of retail surrounding a European inspired public square. The site is located in the popular Conway District, also known as Slabtown at the north end of NW 21st Avenue near the Alphabet District. The adjacent block to the east will also be developed by Portland Parks and Recreation adding to the over 10,000 acres of public parks that already exist in Portland. Koti is a voluntary participant in the MULTE program designating 20% of the units to residents making 80% MFI.