Jim Meakin and Loren Waxman Offer Full Service Fee Development

DAILY JOURNAL OF COMMERCE> NEWS > BUILDING AND CONSTRUCTION

Business Building Spaces for Others in East Portland Area

POSTED: Wednesday, August 7, 2013 at 12:14 PM PT

BY: Lee Fehrenbacher

A longtime Portland business is preparing to join the development push near the intersection of East Burnside Street with GrandAvenue and Martin Luther King Jr. Boulevard.

Stark’s Vacuums is planning a major renovation of its 91-year-old, 10,000-square-foot warehouse at 107 N.E. Grand Ave. The Stark family will continue to operate its store in a connected building on the block’s southeast corner, where it has since 1932. But by creating space for up to eight additional tenants, the company is hoping to better cater to an area poised for growth.

“It’s all starting to happen, really,” said Jim Meakin of Meakin-Waxman Co., the owner’s representative for the project. “It’s a dynamic neighborhood so close to downtown, and it’s also starting to have a really nice residential component.”

A block south, at the Burnside bridgehead, approximately 300 residential apartment units and substantial new office and retail space are in the works. A block east of the Stark’s warehouse, Fowler Andrews LLC is planning a sequel to its Central Eastside Lofts, and a few blocks east of that HFO Investment Real Estate is planning a 63-unit, mixed-use development.

The warehouse is located along Portland Streetcar tracks and adjacent to parking – a rarity in the Central Eastside Industrial District – on the block’s northwest corner. The building has more or less sat vacant for decades; its garage doors are boarded up and its windows are covered with billboards.

Like many unreinforced masonry buildings in Portland, the warehouse will require a full seismic upgrade. The structure is tied together with a concrete spandrel, which sits on the masonry like a crown. The team plans to inject the walls with shotcrete, add a series of hollow steel tubes and upgrade the entire roof diaphragm.

One of the building’s advantages is its great bones, said Erica Dunn, a Hennebery Eddy associate who is working on the approximately $1.2 million project with fellow architect Nick Byers. Little superficial work is needed to bring out the creative/industrial look now trendy among office users, she said.

“The building has a lot of really great character,” Dunn said. “Even the parapet is really unique, so you don’t have to do a lot of improvements.”

Dunn said the team will reopen the original garage doors and convert them into glass roll-up doors; adjacent walls will become glass storefronts. The building’s old timber beams and original masonry walls will be exposed, and a fresh coat of paint will be added to the exterior.

New tenants could be bars or restaurants or boutique retailers, Meakin said, but the owners also are open to accommodating a sizable creative office user. Meakin-Waxman is working with Charlotte Larson at Urban Works Real Estate on leasing.

If the warehouse redevelopment were to go well, it could be followed by a second phase – a renovation of the adjacent Vivian Apartments, on the block’s southwest corner. People are living in residential units upstairs, but the ground-floor commercial space is vacant.

Both redevelopment concepts came from a Portland Development Commission-contracted opportunities analysis that envisioned numerous options for the property, including construction of taller apartments. The current plan was the most feasible financially.

One PacificCoast Bank is providing financing for the project, which is in the design review phase. Meakin would like to break ground in mid-November and open the remodeled building in spring 2014. He thinks the project is a slam dunk.

“Traffic counts there are just really high,” he said. “It has a lot of visibility, and with the streetcar … it’s all tying together.”

 

 

Read more: http://djcoregon.com/news/2013/08/07/business-building-spaces-for-others-in-east-portland-area/#ixzz2bRCT28Dm

Comments are closed.