PORTLAND, Ore. - A San Diego investment trust on Tuesday formally announced plans for its new development in Portland's Lloyd District that will bring nearly 660 apartments to the area.
The project, called "Hassalo on Eighth", will also bring dozens of businesses to the area, according to American Assets Trust.
Mayor Charlie Hales joined executives from American Assets Trust for the announcement, which included unveiling the project's name and logo created by Portland's Wieden + Kennedy.
The project sits between Northeast Hassalo and Multnomah streets and 7th and 9th avenues.
The Lloyd District has approximately 25,000 office workers but far fewer residents.
"It's going to be a huge catalyst, this area," said architect Kyle Anderson. "It's full of services but there's not the residences here to really take full advantage of it."
Hassalo on Eighth will add 657 apartments for rent in three buildings with 1,200 underground parking stalls. The project also includes retail and office space.
"Portland is a city of neighborhoods," said American Assets Trust CEO John Chamberlain in a news release. "All of them are distinct, but what makes them great is their human scale - they are places you can walk with your dog or your family, where you can get a great cup of coffee or an incredible meal, where you can shop for groceries or stop by the cleaners. This project is about returning that human scale to the Lloyd District."
The $250 million project is scheduled to be completed by early 2015.