This revitalization project with developers Capstone Greenlight LLC and Diamond Investment Group (DIG) Tigard LLC calls for the construction of 157 market-rate apartments and 2,000 square feet of commercial space on agency-owned land. An open house to review the project’s design with the developers and architects will be held on April 22, 5:30-7:30 p.m., at the Public Works Building, at 8777 SW Burnham St.
More information can be found at http://www.tigard-or.gov/city_hall/redevelopment.php.
The $26 million project is expected to break ground in September 2015 and will offer a range of units and rents for young people just entering the job market, families and “downsizing” baby boomers.
The project implements several long-held goals for the downtown and supports Tigard’s vision to become the most walkable community in the Pacific Northwest where people of all ages and abilities enjoy healthy and interconnected lives.
Known as the Burnham/Ash project, it will provide the amenities of urban living adjacent to the Fanno Creek Trail and within a 10-minute walk to Main Street shopping, the Tigard Public Library, the Westside Express Service (WES) commuter rail system and the 11 bus lines that can be caught at the Tigard Transit Center.
Through the agreement, the developer team will purchase the property for its appraised value of $1.65 million and complete the project within a fixed timeframe. The CCDA will invest $1.65 million of the estimated $2.8 million in system development charges (SDC) incurred by the project.
The project also qualifies for a partial 10-year property tax abatement under the state’s Vertical Housing Development program. The project should generate $7.8 million in property taxes over 20 years, although some of these taxes are expected to be forgone under the VHDZ program. The remainder of the taxes will be reinvested in additional downtown projects to further revitalize the downtown as long as the urban renewal district is in place.
Capstone/DIG plan to start leasing as early as fall of 2016.