PORTLAND, Ore. — A developer is proposing a 30-story affordable housing tower on the Burnside Bridge's west side.
The developer, Curtis Rystadt, is still in the very early stages, so he doesn't have money squared away. And he's meeting with the city on Aug. 24 to discuss his plans further.
The tower, as planned, could exceed Old Town's height restrictions. But if Rystadt pulls it off, Burnside One would become one of Portland's largest affordable housing developments. The Louisa Flowers in Northeast Portland, with 240 affordable units, stands as the largest city-funded, single-building affordable housing development of recent decades, according to the Portland Housing Bureau.
Burnside One, at 108 W. Burnside St., would mark the second project from Rystadt and Access Architecture's Brendan Sanchez, who began working together on an eight-story affordable housing development (formerly Glisan Tower, now called TimberView) on Northeast Glisan Street, which is now under construction.
For Burnside One, Rystadt is proposing 728 units of affordable housing and hopes to break ground in two years. The building would serve those who earn 60% or less of the area's median income. The Daily Journal of Commerce first reported on Rystadt's proposal.
Rystadt told the Business Journal downtown Portland desperately needs affordable housing, but like many real estate professionals, he argued the inclusionary housing policy to make developers add affordable units into market-rate projects hasn't worked. Economists brought on by the city to examine the policy counter that, at least in the central city, tax subsidies make up for the rents that market-rate developers miss out on when they add affordable housing.
What's more, Rystadt envisions a clean-energy building with easy access to MAX. He said a solar-panel-clad tower could lower residents' energy bills by $80 or $100, freeing them up to spend money at local businesses. Its proximity to a public transit stop means fewer people in cars, he said.
