Thursday, March 14, 2013

Portland Planning Commission Forwards Proposed Apartment Parking Rules to City Council for Approval

Portland's planning commission has new parking requirements for big apartment buildings to the City Council.

Current regulations allow apartments to be constructed without parking if they are near active public transit lines or in some commercial areas.

Those rules set off an uproar in many neighborhoods, and after revisiting the issue the planning commission proposed one parking space for every four units if the building has 40 units or more.  A month ago, the Oregonian published an editorial complaining that this new proposal didn't go far enough. 

In other apartment news, Daily Journal of Commerce reporter Lee Fehrenbacher quoted HFO partner Greg Frick in an article about the number of out of town apartment developers building in Portland:
Greg Frick, a partner at HFO Investment Real Estate, said the wave of out-of-towners coming to Portland isn’t huge, but it’s noticeable. It’s also indicative of another trend. Because Portland doesn’t have huge swaths of buildable land, many investors must lower their minimum criteria for projects. Frick said institutional investors may ordinarily stick to developments worth at least $20 million, but settle for $10 million deals here.
DJC subscribers can read this article titled "The out of towners: the new 'normal' for Portland development scene" by clicking here.