The development boom in Portland shows no signs of slowing, even as construction costs are climbing and as rents appear to be rising more slowly after years of rapid increases.
Two new housing proposals are being planned in the Bayside neighborhood – a 54-unit apartment building on Chestnut Street and a modern five-unit project on Washington Avenue with condominiums that will be offered for as much as $950,000.
The proposals come as a slew of new housing developments are changing city neighborhoods, especially in and around the downtown. For years, the number of housing units in the city remained relatively stable because there was virtually no new construction. But as more people are discovering Portland’s vibrant arts and restaurant communities, demand for housing has overwhelmed the limited number of units and led to spikes in rents and, in some cases, evictions of low-income residents as landlords