The Central Eastside Industrial District is located on the east side of the Willamette River across from downtown Portland. While this is a rapidly changing district, significant future development activity will be located in and around the lower Burnside area. These future improvements will include the highly-anticipated Burnside Bridgehead project, the eastside Burnside-Couch couplet, and the likely eastside extension of the Portland Streetcar.
In early 2005, Fowler Andrews began the process of assembling eight parcels in the lower Burnside area to form what are now two complete half blocks. These properties are located one block east of the future Burnside Bridgehead project, adjacent to the planned eastside Burnside-Couch couplet, and (depending on final design) will enjoy very close proximity to the eastside extension of the Portland Streetcar.
While the benefits of this location are obvious, our acquisition strategy focused on adding significant value by understanding Portlandís zoning code, comprehensive plan, and the plan district in which these properties are located. At the time of acquisition, all parcels carried the IG1 (General Industrial) zoning designation allowing a floor-area ratio (FAR) of 1:1 with primarily industrial uses. Based of the City of Portland Comprehensive Plan, we were able to successfully change the zoning designation to EXd (Central Employment / Mixed Use) and because of their location within the Central City Plan District, we will be able to develop the property with a floor-area ratio (FAR) of 9:1.