Thursday, October 2, 2008

Cyan Converts To Apartments

From the Portland Business Journal:

The CYAN/PDX has become Portland’s latest condo project to convert to apartments in the face of slowing demand from buyers.
CYAN/PDX, a 354-unit project under construction near Portland State University, will open as apartments next summer, Gerding Edlen Development said Thursday.
The CYAN is the second Gerding Edlen condominium project to convert to apartments. Earlier this year, the Portland development firm elected to open the “3720” project, its 323-unit residential tower at the South Waterfront, as apartments. It cited a lack of buyers for its decision to lease rather than sell units.
The 15-story CYAN/PDX is packed with green features as well as 6,000 square feet of retail space. Leasing begins next spring.
The CYAN promises to push the limits of just how many high-end apartments Portland residents are willing to rent.
A wave of buildings, many originally designed with condominium buyers in mind, are opening instead as apartments. With the CYAN in the mix, the market will have to absorb some 2,500 units. Gerding Edlen said it hasn’t set rents for the CYAN, but indicated they will be in the Class A range, which translates to $2 and up a square foot.

My luxury apartment count is up to 1,450. You can see the other conversions here.


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