YARD is a 21-story, 284-unit, mixed-use multifamily project with 24,000 sf of ground floor commercial space located in Portland’s Burnside Bridgehead re-development area. As multifamily development continues to swell in Portland, affordability has become a critical issue. In response to the growing need for workforce housing, Guardian negotiated a 10-year tax exemption with the City of Portland in exchange for 57-units that will be offered to households at or below 60% median family income (MFI). The project was a joint venture between Guardian and Key Development.
Project Statistics:
- Groundbreaking: 2014
- Completion Date: 2016
- Total Estimated Development Cost: $85M
- Unit Mix: 284 Total; 42% Studios, 45% One Bedroom and 13% Two Bedrooms
- Affordability: 20% Set aside for households at or below 60% MFI
- Parking: 202 Stalls
- 24,000 SF of Commercial Space
- Amenities: On-site retail, community plaza with barbecue area, technology lounge, pet exercise area, bike parking and repair station, fitness center and full service day spa
Project Partners:
- Developer – Guardian Real Estate Services
- Developer – Key Development
- Architect – Skylab Architecture
- General Contractor – Andersen Construction Company
- Financing Partners:
- Bank of the Ozarks (Senior Lender)
- Cornerstone Real Estate Advisors (Mezzanine Lender)