BPM Plans $600M, 35-Story Mixed-Use Tower in Downtown Portland
PORTLAND, ORE. — BPM Real Estate Group has unveiled plans for a 35-story tower in downtown Portland that will feature a mix of condominiums, office space, retail and the Pacific Northwest’s first Ritz-Carlton hotel. Project costs are estimated at $600 million.
The tower will be built on the current site of the Alder Street Food Cart Pod, a collection of street food vendors that recently announced it would close at the end of this month. Construction of the project is slated to begin before the end of the year for completion in early 2023.
Marriott International Inc. recently signed a contract to bring the Ritz-Carlton Residences brand to the tower with 251 hotel rooms and 138 condominiums. Marriott will also operate that portion of the development, which will be the city’s first five-star hotel, according to Marriott. Plans also call for retail space and a ground-level food hall, while details on the office portion have not yet been released.
The new tower will be one of the five tallest buildings in Portland upon completion, offering views of the city, Cascade Mountains and Willamette River. The site is a few blocks from Pioneer Courthouse Square, the most-visited tourist destination in Oregon, and the shopping destination Pioneer Place. It’s also within walking distance to Portland’s central business district and the Pearl District, the former warehouse area now known for its chic restaurants, bars, galleries and boutiques.
Once open, The Ritz-Carlton, Portland will feature exclusive entrances for hotel guests and residence owners, along with amenities including a fitness center, full-service spa and swimming pool on the 19th floor, as well as an indoor/outdoor restaurant and bar on the 20th floor. The tower is also slated to feature more than 13,000 square feet of meeting space for events.
— Jeff Shaw