PDC will be purchasing the U.S. Post Office property located in the Pearl District (715 N.W. Hoyt St.), for a price of $88 million. The post office will move to a new location near the PDX airport and the sought after land in the Pearl District will be developed. There hasn’t been a confirmation of exact plans for the development but it is expected to be a mix of commercial and residential spaces.
The growth Portland has experienced in the last few years has hit the Pearl District hard and sent rental prices for apartments through the roof. While walking through downtown you can almost always spot a crane or construction vehicle working on a development project that will house individuals most likely moving here from another state.
Getting your hands on property to develop has become almost impossible downtown and so the purchase of 13.4 acres is going to be a huge change to the district and an interesting project to follow.
For more information and to read the full article on the purchase, click here: Portland Business Journal