A 16,000 SF Development Site in First Addition Lake Oswego, OR Executive Summary
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OFFERING MEMORANDUM A 16,000 SF Development Site in First Addition Lake Oswego, OR Executive Summary PROPERTY INFORMATION The subject offering consists of 16,000 SF of commercially zoned land on D Avenue in the highly coveted First Addition Neighborhood Address D Avenue, Lake Oswego, OR of Lake Oswego. With close proximity to downtown Portland, the property is situated in one of the most desirable neighborhoods in one Property ID 00193702 of Portland’s most affluent suburbs. Justblocks from the downtown shopping district and Tryon Creek State Park, the site is suitable for Land Area 16,000 SF either high density residential or commercial development. Topography Sloped Zoning East End General Commercial (EC) LAKE VIEW VILLAGE & OSWEGO LAKE Price $1,100,000 Price/SF $68.75 INVESTMENT HIGHLIGHTS 16,000 SF of vacant land Core located in downtown Lake Oswego Blocks to downtown shopping district Zoning allows multifamily or commercial development Highly desirable First Addition Neighborhood Minutes to Safeway and Whole Foods 365 Potential Willamette River and Mt. Hood Views Kidder Mathews | OM 2 Zoning EAST END GENERAL COMMERCIAL (EC)* (CHAPTER 50 - LAKE OSWEGO COMMUNITY DEVELOPMENT CODE) ALLOWED USES* • To implement Comprehensive Plan policies applicable to the Downtown Household living Town Center and to provide land for a mix of higher intensity commercial, residential, and cultural uses and public facilities that support a traditional Group and institutional housing downtown commercial zone. Public institutional and civic uses • Property is situated in the Downtown Development Design District and subject to design approval. Commercial uses Most retail, business and office allowed except Industrial/Manufacturing and some automotive uses DIMENSIONAL STANDARDS* FAR 3:1 Lot Coverage % 100% (Subject to certain setback requirements) EC Maximum Height 60 ft *Buyers to verify zoning and development requirements with city Kidder Mathews | OM 3 Zoning PROPERTY PROPERTY Kidder Mathews | OM 4 Close-up Aerial Kidder Mathews | OM 5 Aerial NEIGHBORHOOD LOCATION TRYON CREEK STATE PARK E Ave 16,000 SF LAND WILLAMETTE RIVER FIRST ADDITION B Ave DOWNTOWN LAKE OSWEGO A Ave FOOTHILLS PARK LAKE VIEW VILLAGE MILLENIUM PARK N State St OSWEGO LAKE Kidder Mathews | OM 6 Location Overview LAKE OSWEGO • Lake Place Shopping Center, farther south along State Street, adds Petco, AREA DESCRIPTION U.S. Bank, and small specialty and service businesses to the downtown mix. County Clackamas • Civic and community uses include City Hall and a fire station, the post office, the Lakewood Center for the Arts, the Gallery Without Walls, and the Lake Population 38,945 Oswego Public Library in the adjacent First Addition neighborhood. Over 600 acres “+645 acres at Tryon Creek Parks State Park • Downtown’s Millennium Park is home to the popular Farmers’ Market and many community and entertainment events throughout the year. Household Income $90,000 (Data USA) Number of Employees 18,447 (Data USA) Lake Oswego School District ranks among the best in the state — and the Median Home Value $644,652 (Zillow) nation. Lake Oswego High and Lakeridge High were ranked the top large public high schools in U.S. News & World Report’s 2016 list of Oregon’s best high School District #1 Public School District in Oregon schools. They also were among 6,218 high schools to receive national recognition just as they were last year and the year before. Distance to Downtown 5 miles Portland Lake Oswego’s Downtown is a beautiful, walkable lakefront business district with MILLENIUM PLAZA an estimated 747,000 square feet of ground floor space with specialty shopping, dining, and entertainment, as well as office and service uses. Located along State Street (Highway 43) and between A to B Avenues from 6th Street to State, downtown has several connected nodes. • Lake View Village, at State and A, is a mixed-use redevelopment with several restaurants and local and national specialty retailers including Sur la Table and Chico’s. • The Windward, is a recently completed redevelopment of the Wizer block in downtown Lake Oswego, between First and Second Streets, A Avenue, and Evergreen Road. The development consists of three buildings adding nearly 43,000 square feet of upscale retail, 200 high-end apartment units and 435 parking spaces, 295 of which are public spaces, of to the heart of Lake Oswego. In addition to providing new living options, the project has been designed to enhance the town’s village character. • Oswego Village is an 86,000 square foot center on State Street just south of A Avenue. Anchored by Whole Foods 365 Market and Ace True Value Hardware, it includes a mix of food-related and specialty retail shops. Kidder Mathews | OM 7 Location Overview FIRST ADDITION First Addition is one of the oldest neighborhoods in Lake Oswego, dating back to the late 1800s. The neighborhood has what many communities seek: a small- town atmosphere, parks, great schools, services and shopping within walking distance, and residents’ commitment to a set of common priorities. First Addition neighbors enjoy wonderful and walkable amenities such as the Lake Oswego Farmer’s Market, the 630 plus acre Tyron Creek State Park filled with trails, the Lake Oswego library, and a wide variety of local retailers and TRYON CREEK restaurants. STATE PARK The American Planning Association has selected the First Addition neighborhood as one of 10 Great Neighborhoods in America for its dedication to community values and priorities, to both capitalize on the values of the past and plan to ensure quality of life for the community into the future. It’s a vibrant mix of neighbors, ranging from young families to retirees. F Ave FIRST ADDITION According to Redfin, the median home list price in the First Addition PROPERTY neighborhood is $1.25 million with a price-per-square-foot of $418, over double E Ave the Portland-metro average. D Ave 10th St C Ave B Ave 5th St Evergreen Rd Lake Oswego OSWEGO LAKE Kidder Mathews | OM 8 PORTLAND RANKINGS Best places for business and careers Best Foodie City #1 – Forbes 2017 #2 – Sperling's Best Places Coolest City in America Moving destination of 2017 #1 – MSN, 2017 #2 – United Van Lines, 2018 Safest Place to Live Fittest City in America #1 – Rental Housing Journal, 2017 #4 – CBS News Best City in America for Cyclists 50 Best Places to Live in America #1 – Thrillist, 2017 #6 – Business Insider, 2018 Kidder Mathews | OM 9 INVESTING IN PORTLAND GROWING POPULATION EMPLOYMENT ULI 2017 Emerging Trends ranks Portland 3rd Oregon was the #2 moving destination in 2017 for Portland MSA employment is at an all-time high, among 78 metro areas for real estate investment people moving from one state to another, according employing ±1,190,400 workers to a United Van Lines Study In 2017, at 3.3% Oregon personal income growth Portland has the the 15th fastest growth rate of the was above the national average of 3.1% Portland has added 42,000 residents over the last nation's largest metro areas, at an increase of 2.4% every three years, an increase of 1.7%; above three months Portland ranked #6 on Business Insider's Top 50 national average Best Places to Live in 2018 Portland MSA is expected to add 25,500 additional jobs Portland ranked 19th in the nation in in 2018 Portland MSA multifamily vacancy is below 4.85% population growth ahead of San Francisco, Boston, and New York City Amazon is projected to add more than 2,000 new jobs Portland MSA is the 8th strongest rental market in after breaking ground for new fulfillment centers in North the nation, per Axiometrics More than 34% of Portland residents have a Portland and Troutdale bachelor's degree or higher, above the national Portland’s current unemployment rate is 3.6%, a average of 28% Event software company Cvent plans to hire 1,000 new 42 year low employees through 2019 as part of a massive expansion Oregon Health & Science University is projected to add 500+ jobs Kidder Mathews | OM 10 Portland Market Overview CITY OF PORTLAND Portland is considered one of the nation’s most livable cities. Located on the banks of the Willamette River only 90 minutes from snow-capped peaks, and the Pacific Ocean, one might not realize Portland’s bustling downtown and waterfront are the 1,182,900 #8 heart of a metropolitan region with more than 2 million people. Twelve bridges span a wide elbow of the Willamette River, connecting the east and west sides of town. EMPLOYEES IN JOB GROWTH Throughout the metro area are thriving neighborhoods filled with restaurants, record METRO AREA NATIONALLY shops, bars, funky clothing stores, antique malls and art galleries. Portland is known for its progressive bike-friendly attitude, lively music and restaurant scenes, food carts, farmers’ markets, and endless recreation possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s natural beauty via 2,453,168 $438,549 slopes, sails, surf and trails. Portland is a walkable and bikable city. Within walking distance of most parts of POPULATION MEDIAN HOME VALUE downtown is the campus of Portland State University, the world-class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the Oregon Historical Society, a performing arts complex and a concert hall. For the sports-minded, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in the nation, with 5,000 #2 #2 acres of hiking and biking trails, a zoo, public gardens and beautiful old-growth woods. The downtown core is connected by one of the world’s leading public MOVING DESTINATION ANNUAL RENT transportation systems, a combination of buses, streetcars, and light-rail trains, IN US (2017) GROWTH NATIONALLY putting the entire metro area only a couple stops away.