The Alderway Building Nw Corner Sw Alder & Sw Broadway 705 Sw Alder Street | Portland | Oregon | 97205
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THE ALDERWAY BUILDING NW CORNER SW ALDER & SW BROADWAY 705 SW ALDER STREET | PORTLAND | OREGON | 97205 1,545 SQUARE FEET AVAILABLE | STREET RETAIL PRIME LOCATION AT SIGNALIZED INTERSECTION IN THE HEART OF THE CBD Looking North on SW Broadway Towards SW Alder, 1964 CENTRAL BUSINESS DISTRICT | SW BROADWAY & ALDER THE ALDERWAY BUILDING Building Overview | Four-story office building in the heart of the central business district The Alderway Building is a contributing building in the Chicago School style to the Oregon Historic Sites Database and the National Register of Historic Places, located in the heart of Downtown Portland at the northwest corner of SW Alder Street and SW Broadway. The Chicago Style is known for steel-frame construction, often clad with terra cotta; grid style windows; and, a distinct base, mid-section, and “cap” with ornamental detailing. Each of these features are exemplified with the Alderway Building. Formerly the Pantages Theater - and later, the Music Box, the steel frame of the self-proclaimed “fire proof” building was retained by Clausen & Clausen during its extensive late 1920s remodel for F.G. “Fred” Meyer. Clausen & Clausen, transplants to Portland from Chicago shortly after the Lewis & Clark Exposition of 1905, were also the architects of the Heathman and Roosevelt Hotels, several Fred Meyer retail stores, and many other prominent Portland buildings of the 1920s-1940s. Today, the building houses three stories of office space above four ground floor retail spaces. Existing retail tenants include OpusBank, Kassab Jewelers, and Zelda’s Shoe Bar. There is currently one 1,545 square foot retail space available fronting SW Alder Street that features full restaurant venting with a hood as well as near-full height windows across the length of the storefront. Building Location | Near Transit, Shopping, and Public Spaces The Alderway Building is located within one block of: • a MAX Lightrail station • a BIKETOWN bike hub • Pioneer Courthouse Square — “Portland’s Living Room” The Alderway Building is located within three blocks of: • a Portland Streetcar stop • Pioneer Place Mall • Director Park THE ALDERWAY BUILDING | 705 SW ALDER STREET| PORTLAND | OREGON | 97205 SITE KEY CENTRAL CITY NEIGHBORHOODS ABOUT THE AREA: DEMOGRAPHIC PROFILE DEMOGRAPHICS 0.25-MILE 0.5-MILE Ctrl Business Dist POPULATION 2,118 13,353 19,236 MEDIAN AGE 46.2 42.2 35.4 HOUSEHOLDS 1,420 8,519 10,876 OWNER OCCUPIED HOUSING UNITS 84 1,203 1, 671 RENTER OCCUPIED HOUSING UNITS 1,337 7, 316 9,206 NUMBER OF BUSINESSES 1,977 4,799 4,715 DAYTIME POPULATION: WORKERS 16,294 46,959 50,947 TOTAL DAYTIME POPULATION 17,646 53,792 60,602 CENTRAL BUSINESS DISTRICT STATS: EMPLOYMENT • 11.7% of workers are employed in Finance & Insurance • 9.9% of workers are employed in Public Administration • 12.7% of workers are employed in Retail Trade — 7.9% of workers are employed in Food Service HOTEL ROOM CONSTRUCTION 1,026 Rooms Completed Since Fall 2015 —1,806 Rooms Including The Pearl District 1,519 Additional Rooms Proposed & Under Construction — Not including 600-room Convention Center Hyatt PORTLAND STATE UNIVERSITY • 26,012 Students [Fall 2019] • 6,338 Employees • $1.5 billion in Economic Impact LAT: 45.520248, LONG: -122.679522 | THE ALDERWAY BUILDING ALDERWAY BUILDING | RETAIL SITE PLAN ± 1,545 SF ALDERWAY BUILDING | 1,545 SQUARE FOOR RETAIL SPACE FLOOR PLAN ABOUT THE AREA: OFFICE, RESTAURANTS & RETAIL HIGH-END RETAIL| Portland Metro’s only destination for luxury retail The corridor bound by east/west arterials SW Morrison and Yamhill Streets contains Portland’s high-end fashion retailers, located between Nordstrom and the enclosed Pioneer Place mall. The two notable exceptions are Mario’s and Mercantile, both located within one block of Nordstrom. Louis Vuitton, Tiffany & Co., Tory Burch, Kate Spade, and a flagship, glass- encased Apple store are all located at Pioneer Place, with additional stores such as Nike Portland and Sephora located between the mall and Nordstrom. OFFICE CONSTRUCTION| New Construction Boom Since 2016 There is currently 21,967,178 square feet of existing office space in the Downtown Core - the area bound by The Willamette River, Interstate 405, and West Burnside. This total includes single-story, low-rise, and mid-rise buildings as well as 20, 30, and 40-story skyscrapers. Since 2016, nearly 500,000 square feet of new office space has come online in the Downtown Core, including the long-awaited Park Avenue West and the Broadway Tower. In addition, 250,000 square feet of additional office space is proposed and under construction, with delivery dates in 2020 and 2021. RESTAURANTS & BARS| Refined meets Surprising Fusions Portland’s Downtown Core has always drawn the attention of big-name restaurateurs such as Ruth’s Chris, Morton’s, Fogo de Chao, and others, and has been home to local mainstays like Jake’s for over 120 years. Perhaps due to our claim-to-fame as the birthplace of James Beard, Portland has become a hotbed of culinary creativity and restaurant startup culture. Maybe that’s what drove Jetsetter to shove New York and San Francisco out of the way this year and name Portland as “America’s Best Food City” for 2019? SmartAsset also ranked Portland as the #1 “City for Coffee Fanatics” in the U.S. for the second straight year in 2019. From an abundance of food carts that allow entrepreneurs to open eateries more easily, to collaborative concepts like the Pine Street Market, to an abundance of breweries (9 for every 50,000 residents within the city limits), Portland loves food — and beer, and coffee. THE CENTRAL BUSINESS DISTRICT IS HOME TO 386 RESTAURANTS & BARS ABOUT THE AREA: TRANSPORTATION INFRASTRUCTURE CAR-LESS ROADWAYS| Tilikum Crossing: Bridge of the People As part of a plan not only to expand MAX lightrail to Portland’s Southeast neighborhoods, but to spread Portland’s (Bridgetown’s) vision of a bike-friendly, transit-friendly city, Tilikum Crossing was built in 2015. Tilikum Crossing is the largest car-free bridge in the United States, instead allowing for Portland Streetcar, MAX Orange line, two bus lines, bicycles, and pedestrians to utilize its span. Tilikum Crossing is just part of over 319 miles of bikeways located throughout the city. TRAINS | Portland Streetcar and MAX Lightrail Portland is world-renowned for its public transportation infranstructure, anchored by the Metropolitan Area Express (MAX), the fourth busiest lightrail system in the United States with nearly 40 million riders per year. Originally constructed in 1986 and serving Downtown and the eastside suburbs, the Downtown Core is now served by five MAX lines that terminate in many areas of the Metro area with additional lines planned. In July 2001, Portland put the first new streetcar system into service in the United States since World War II, spawning a movement that now includes a dozen cities. The Portland Streetcar operates three lines, connecting Portland State University to the Pearl District, the Northwest District, and the South Waterfront, serving nearly 5 million riders per year (15,000 riders per day). An expansion route is expected in the coming years to serve the north end of the Northwest District. BICYCLES| Biketown Portland almost always ranks near the top of the U.S.’ “best bike cities” lists from the various websites and magazines. Of course, being #1 is the goal, but when everyone tries to emulate your achievements, sometimes they succeed. For 2018, Portland was ranked #5 by bicycling.com but we just might jump ahead again in 2020 when the Flanders Crossing Bike & Pedestrian Bridge opens - a no-cars-allowed bridge crossing I-405 from the Northwest District into the Pearl District. Like many other cities, Portland entered the bikesharing market - but in true Portland style. In July 2016, Portland launched Biketown, completed with a fleet of Nike-orange bikes. Today there are 1,000 bicycles in the fleet and 125 stations across the central city, 23 of which are located within the Central Business District. THE PORTLAND STREETCAR | THREE CITY PARKS | BICYCLE-FRIENDLY STREETS | BIKETOWN PDX For More Information Please Contact: Steven Neville 503.241.1222 NEVILLE & BUTLER nevillebutler.com [email protected] Commercial Real Estate 900 SW 13th Avenue, Suite 210 Natalie Butler Portland, Oregon 97205 [email protected].