Thursday, April 20, 2017

UD+P Pays $200,000 in Relocation Fees to Renovate Fairmount Hotel

According to the Daily Journal of Commerce, Urban Development + Partners is the first company to pay relocation fees to tenants as a result of a new city ordinance aimed at discouraging no-cause evictions. UD+P purchased the Fairmount Hotel in NW Portland with the aim of renovating it, but decided to let tenants stay until construction began. To issue no-cause evictions to 65 units, the company paid $199,800. UD+P had planned from the outset to offer relocation assistance to existing tenants, though not as much as the $2,900-$4,500 required by the new law. According to principal Eric Cress, most tenants were able to quickly find a new place to live. After it is rehabilitated, the Fairmount will have 80 units, a new roof, and modernized electrical and plumbing systems. Read more.