A portion of the site for the North Anchor development has been sold by the redevelopment agency of the city of Lake Oswego to Urban Development + Partners (UD+P), the developers of the project.
North Anchor will be a mixed-use development is downtown Lake Oswego spanning 1.07 acres. The property which the city sold to UDP is at the corner of B Avenue and State Street. The price was $3.17 million. An investor that is involved with the project will contribute $2.447 million to the purchase and $749,000 will come from a loan that UD+P will be receiving from the city. The city, however, still owns the portion of the site that will be used for a hotel.
Such sites often rely on banner printing to inform residents and visitors of these upcoming projects.
A report from a member of the city’s staff said that the phasing of the property sale will help towards the timing related to investments on the east side of the property. The east side will have an apartment building with 67 well-appointed units and retail establishments on the first floor while the west side of the property will have dining and lounge areas, on the ground floor that will be accessible by the public and a boutique hotel with 86 rooms.
Martha Bennett, city manager, said that UDP needs to begin construction on the site by July of next year.
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17425 Pilkington Road
Lake Oswego, OR 97035
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