Portland, OR turns underutilized office buildings into new apartments with conversion incentives
Portland, OR Office Apartments Conversion Incentives
Portland faces a shortage of approximately 20,000 housing units based on current demand. The approved incentive package waives System Development Charges (SDCs) on office-to-apartment conversions. This waiver covers up to $3 million in SDCs and lasts through 2027 or as long as funds are available. The Portland City Council also changed seismic improvement standards on eligible projects to meet life safety performance levels at lower costs.
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Portland City Council Approves Incentives for Office-to-Apartment Building Conversions - Portland Mercury
Facing a housing crisis and a sluggish downtown economy, Portland City Council is aiming to incentivize developers to convert vacant office buildings into residential apartment complexes by waiving up to $3 million in fees and relaxing seismic requirements. On Wednesday, City Council unanimously passed two of what they say is just the beginning of an array of incentives to revitalize downtown and address the city’s housing shortage. “This is not the solution to our homeless...
Portland City Council approves incentives to help convert office buildings into apartments - OPB
Portland City Council voted Wednesday to pass incentives for developers interested in converting commercial spaces into residential property.
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