pearl district news...
June 30,2008
General Automotive Building Converted to Office & Retail Space
by pearlgirl
HomeStreet Capital, one of the Northwest's oldest commercial real estate lenders, has provided $10.2 million in construction financing for conversion of the General Automotive Building in Portland, Ore., from a vacant warehouse to office and retail space. Financing was arranged by Gregg Weed of HomeStreet Capital through HomeStreet Bank portfolio funds. Additionally, a seismic loan was provided by the Portland Development Commission.The project will utilize historic tax credits.
The General Automotive Building is located on the Park blocks at the intersection of NW Park and NW Flanders.
The site is being developed by Rob Brewster, president of Northwest-based ConoverBond Development, which owns, manages, leases and develops property. Brewster has renovated a dozen older buildings ranging from hotels to student housing in Spokane, Seattle and Washington DC. This is Brewster's first project in Portland.
The warehouse was built in 1923 and currently consists of one two-story and one three-story building. The buildings will be combined and increased to five stories upon completion, nearly doubling the gross building area to 48,000 square feet. Approximately 37,000 square feet will be allocated to office space and 7,500 square feet to ground-level retail and restaurants.
The office space will feature open floor plans with exposed walls, ductwork and hanging lights. Large windows will provide natural light to fit with the style of the Pearl district. There will be an on-site shower and bicycle storage. The building will be submitted for LEED silver certification upon completion.
The construction contractor for the project is Fortis Construction, Inc. Project architect is SERA Architects, Inc.
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