Building on the revitalization of downtown Portland and its pioneering efforts in the newly created Skidmore/Old Town National Historic District, the Bill Naito Company acquired the McCormick Dock riverfront property from the Union Pacific Railroad in 1979. This abandoned railroad property covered the entire riverfront from the Steel to the Broadway Bridge and included several abandoned warehouses and a wharf over the river.
The Naito’s proposed to build over 400 market-rate apartments using a GNMA multi-family mortgage program for targeted cities. Ultimately, the narrowness of the site and instability of the riverbank reduced the size of the project to 302 units.
The 16 individual buildings were configured so that fully 75 percent of the apartments had river views. The apartments utilized energy-efficient, water-source heat pumps and each building incorporated a solar hot water system—both unusual in an apartment project even 25 years later.
The existing brick freight terminal building was retained to house office space, recreational facilities and covered tenant parking. Other amenities included a pool built on the wharf over the water and a small marina.
The Company sold the property in 2002 to a condominium converter who successfully sold out the project. Today, resales of the condominium units are in the range of $292,000 to $499,000.
Location: 606 NW Naito Parkway, Portland,Oregon
Owner/Developer: Bill Naito Company
Project Cost: $16 million
Program: 302-unit, market-rate apartment complex, with retail and office space and boat moorage
Architect: SERA Architects
Contractor: P & C Construction Company
Financing: First Interstate Bank – Conventional construction loan and GMNA targeted-tandem permanent loan
City of Portland- 10-year property tax abatement for downtown market-rate rental apartments
Oregon Department of Energy -Business Energy Tax Credits for solar hot water system