04/15/2015 - Burnham Ash Project - IN
City of Tigard
Press Release
13125 SW Hall Boulevard Tigard,Oregon 97223 wwwxigard-or.gov
FOR IMMEDIATE RELEASE April 15, 2015
Contact:
Sean Farrelly
Redevelopment Project Manager
City of Tigard
503-718-2420
sean@tigard-or.gov
Mixed-Use Housing Project in Downtown Tigard Gets the OK to Proceed
Efforts to construct new housing in downtown Tigard took a big step forward this week when the
city agency responsible for urban renewal projects approved a major development with a private
developer team.
On Tuesday, the board of the City Center Development Agency (CCDA), comprised of members
of the City Council, approved the revitalization project with developers Capstone Greenlight LLC
and Diamond Investment Group (DIG) Tigard LLC and signed a development agreement.
The proposal calls for the construction of 157 market-rate apartments and 2,000 square feet of
commercial space on agency owned land.
"It is rewarding to see that downtown Tigard has finally been discovered," said Kenny Asher, director
of the Community Development Department. "Walkable downtowns are going to continue to attract
interest from apartment seekers, and this project will be a small start toward meeting that demand."
"Downtown Tigard has always been a great location, and in recent years added the WES commuter
rail and a beautifully improved Main Street which supports new and growing shops, restaurants and
pubs," said Jeff Sackett, a principal with Capstone Greenlight and co-developer with DIG Tigard.
"We're believers in the city's vision for making a vibrant 18-hour neighborhood, and couldn't be more
excited about developing the biggest missing piece—modern market rate housing. Sandwiched as it is
between the transit center, library,Main Street and the Fanno Creek greenway, this site is an ideal
location to deliver on the City's urban renewal goals for a walkable urban town center."
The $26 million project is expected to break ground in September 2015. It will offer a range of units
and rents for young people just entering the job market, families and "downsizing" baby boomers.
The project implements several long held goals for the downtown and implements objectives of the
Tigard Downtown Improvement Plan, the City Center Urban Renewal Plan and the Downtown
Connectivity Plan. The development also supports Tigard's recently adopted strategic vision to
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become the most walkable community in the Pacific Northwest where people of all ages and
abilities enjoy healthy and interconnected lives.
Known as the Burnham/Ash project, it will provide the amenities of urban living adjacent to the
Fanno Creek Trail and within a 10-minute walk to Main Street shopping, the Tigard Public Library,
the Westside Express Service (WES) commuter rail system and the 11 bus lines that can be caught
at the Tigard Transit Center.
Tigard Downtown Association President Steve DeAngelo said, "Market rate housing will enhance the
downtown district. Adding 157 units with new consumers to support downtown businesses will be a
positive addition to the local economy."
Through the agreement, the developer team will purchase the property for its appraised value of
$1.65 million and complete the project within a fixed timeframe. The CCDA will invest $1.65
million of the estimated $2.8 million in system development charges (SDC) incurred by the project.
The project also qualifies for a partial 10-year property tax abatement under the state's Vertical
Housing Development program. The project should generate $7.8 million in property taxes over
20 years, although some of these taxes are expected to be forgone under the VHDZ program. The
remainder of the taxes will be reinvested in additional downtown projects to further revitalize the
downtown as long as the urban renewal district is in place.
Capstone/DIG plan to start leasing as early as fall of 2016.
An open house to review the project's design with the developers and architects will be held on April
22, 5:30-7:30 p.m., at the Public Works Building, at 8777 SW Burnham St.
More information can be found at http://www.tigard-or.gov/city hall/redevelopment.php.
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