More than 203 affordable apartments are on their way to Portland’s RiverPlace district after ground officially broke on the project this morning.
BRIDGE Housing, the San Francisco nonprofit affordable housing developer behind The Abigail in Northwest Portland, held a groundbreaking ceremony today for the first phase of its RiverPlace Parcel 3 project. The development, at 2080 S.W. River Dr., will consist of 203 affordable apartments.
Ninety of the units will be reserved for households earning up to 30 percent of the Median Family Income, which is up to $17,940 for a family of two. Ten of those will be reserved for homeless veterans. The rest of the units will be for households earning up to 60 percent of MFI or $44,820 for a family of four.
“We’re proud to be part of a transformative, transit-oriented development that will enhance the neighborhood,” said Cynthia Parker, president and CEO of BRIDGE Housing, in a release. “With a deep range of affordability and high-quality services, this place will have the power to change people’s lives.”
The project, which will also include a playground, laundry rooms, a conference room and a community classroom, will rise from a piece of property that Prosper Portland owns. In addition to Prosper Portland, the Portland Housing Bureau is also involved in the project, as is Home Forward and Key Bank.
The $83.9 million in funding for the project comes from a range of partners, including those already mentioned and Oregon Housing and Community Services, the U.S. Department of Housing and Urban Development, National Equity Fund, KeyBank Community Development Lending and Barings Multifamily Capital.
Ankrom Moisan Architects designed the project, and Hoffman Construction is serving as general contractor.
BRIDGE is also working on an $18.3 million affordable housing project that will bring 61 units to North Portland’s Eliot Neighborhood.