Wednesday, May 13, 2015

Fairwell Lloyd Cinemas. Hello More Apartments and Income Disparity.


Two recent news stories broke demonstrating that the Portland market continues to experience significant growth.

According to a report in The Oregonian,  Bob Bisno, a Southern California developer confirmed he and a group of partners have purchased the site to tear down Lloyd Cinemas and develop approximately 1000 residential units. The plan calls for retail space, community space and structured parking for nearly 875 cars. Although some would consider this announcement late in the real estate cycle, Bisno is optimistic about the project stating, "what we think will be the most magnificent mixed-use development in the area, but perhaps in all of Portland." Timing on the delivery of the project was not included in the press release.

Additionally, the Portland Business Alliance reported a on a disparity in wages. Middle-income jobs have experienced a decline primarily driven by global market changes, jobs at the top and bottom ends of the labor markets have grown, and technological advances. The big question is whether the City of Portland will need to reconsider the current Urban Growth Boundary?