PORTLAND, Ore., May 14, 2019 /PRNewswire/ -- REACH Community Development (REACH), Holst Architecture, local leaders, and community members celebrate the completion of 72Foster, providing 101 new permanently affordable apartment homes to SE Portland.
72Foster is an intergenerational, mixed-use building, serving both seniors and families with apartment sizes ranging from studios to 3-bedrooms. 72Foster also provides 8,900 sf of ground floor retail to serve the growing neighborhood. Current tenants include Pizzeria Otto, an old-world Neapolitan "pizza joint" devoted to the craft of Italian pizza making, opening late summer/early fall 2019.
The design of the building places its mass at the urban edge of SE Foster Road to respect the existing neighborhood scale, while addressing the growing need for increased density in the area. To maintain pedestrian connections, an open breezeway links the public courtyard and residential neighborhood through the building to the Portland Mercado across the street. An open terrace at the fourth floor lounge balances the opening at the ground floor and offers views of Mount Hood. A large community room on the ground floor features folding walls that open to the courtyard. A vibrant mural leads visitors through the lobby and into the community room.
72Foster emphasizes REACH's goals of providing transit-oriented affordable living while building a vibrant community. As SE Portland's population grows and outpaces the current housing supply, it is becoming increasingly difficult for people earning low wages or living on fixed incomes to find quality, affordable apartments. 72Foster is addressing this need through rents affordable to residents earning approximately 60% of area Median Family Income (MFI), less than $34,200 for a single-person household. In addition, Home Forward has provided twenty apartments with Project-Based Section 8 vouchers, where residents will only pay 30% of their income in rent, serving those with extremely low incomes. Onsite programs and services to residents will be provided through a partnership with the Asian Health and Service Center (AHSC).
"I'm so excited to see 72Foster open and serve the diverse cultural communities in SE Portland," says CEO Dan Valliere. "We are especially grateful to our partner Asian Health and Service Center who, in addition to providing on-site services to residents, has shared our vision for transforming an old, overgrown parking lot into a vibrant community."
The $24 million project is financed with funding from the KeyBank Community Development Corporation, KeyBank Community Development Lending, Freddie Mac (KeyBank Real Estate Capital as seller/servicer), Metro, Portland Housing Bureau, Home Forward, Oregon Housing and Community Services, and REACH Community Development, and is part of the Lents Town Center Urban Renewal Area. The building is designed by Holst Architecture with construction by LMC Construction Co. The property also includes an expansive 106.5 kW solar array, offsetting utility costs for common space areas of the building.
SOURCE Holst Architecture