Milepost 5

PORTLAND, OR

Goal: Preserve this important historical building and provide long term affordability

Milepost 5 (MP5) is an existing 3-story building, consisting of 95 studio, single room occupancy (SRO), 1-bedroom, and 2-bedroom units and 13 artist work spaces located in Portland, Oregon. Gallery spaces, small theater, artist workshop, and café are other uses in this building. This parcel was originally part of a larger parcel that included Milepost 5 Lofts and a parking lot used by tenants of the Lofts and Studios. Milepost 5 Lofts building is now a condominium community.

The property is located within the Montavilla neighborhood. It is in close-proximity to numerous open space areas such as Mt. Tabor Park and Montavilla Park; quick access to Interstate 205 and 84; easy bike ride to downtown; numerous well-known restaurants, eclectic retail shops, and service oriented establishments; and easy access to public transportation with a bus stop in front of the property.

DEVELOPMENT

Originally built in 1928, this three-story building sat vacant for 10 years until the previous property owners bought the property and completed renovations in 2010. As part of their renovation, the units were changed from their senior facility use to artist housing and live/work studios.

The rehabilitation included new interior paint, new flooring at select units, window repair, brick repair and cleaning, and common area updates including kitchen and bathroom updates. A 4% LIHTC with tax exempt bond transactions and historic tax credits will enable completion of this scope of work.

DATA
  • Completion Date: 2020
  • Total Development Cost: $9.5M
  • Affordability: 60% AMI
  • Total Units: 95
  • Unit Mix: 92 SRO, 1 1BD, 2 2BD
TEAM
  • Developer: CDP
  • Architect: MWA Architecture
  • Contractor: Bremik Construction
  • Property Management: FPI Management
  • Resident Services Partner: PDX Saints Love
WEBSITE

PARTNERS

CDP is proud to partner with these organizations that are critical team members and who share our mission of enhancing the quality of life for the communities in which we work.

PDX Saints Love

PDX Saints Love builds bridges of compassion to restore neighborhoods. They remove barriers and create equitable opportunities for everyone, focusing on addressing social determinants of health in underserved communities, especially those living unsheltered or housing insecure. This includes people with disabilities, mental and emotional health challenges, substance abuse disorders, communities of color, LGBTQIA+ individuals, and immigrant & refugee families.