|Call for Offers||2022-05-05|
Jones Lang LaSalle Capital Markets ("JLL") is pleased to present the 1925 SE Scott land site ("the Site"). At approximately 0.48 acres (20,694 SF), the Site provides a rare opportunity for high-density apartment development within the supply-constrained and highly demanded submarket of Milwaukie, Oregon. Located 0.7 miles south of Portland city limits, the Site offers exceptional connectivity to the urban core and greater Portland MSA with no inclusionary housing requirement, allowing for fully market-rate multi-housing development. There are multiple highly accretive zoning benefits to this Site, including the availability of additional density through the development of a parking garage, an 80 percent abatement on residential improvements for developments with ground floor commercial space due to being located in a Vertical Housing Development Zone and having the city’s Downtown Mixed-use Zoning designation. The Site also benefits from its central location in Milwaukie’s historic town center. Residents are a five-minute walk to over 50 retail destinations, a food cart pod, public parks, and the Willamette River. Moreover, the Site is a short walk to the recently implemented MAX light rail orange line which provides residents in Milwaukie with a direct connection to downtown Portland in 20 minutes.
High visibility location off highway 99E with light rail access, located on a major commuter arterial with 36,000 vehicles per day.
No affordable housing requirement, while Portland requires 10-20 percent of units in new developments to be rent-restricted, the Site’s location outside of Portland city limits allows for fully market rate housing.
Rare Vertical Housing Tax Credit (VHTC), providing a 20 percent abatement of residential improvement for every floor of residential above ground floor commercial up to an abatement of 80 percent of the residential improvements.
Proximate to Portland’s densest employment districts, as OHSU, the Central Eastside Industrial District, and Central Business District are accessible within 10 minutes.
Direct frontage to SE Main St and SE Scott Street, a walkable retail corridor, with over 50 restaurants, cafes, and shops within walking distance in Downtown Milwaukie.
Milwaukie’s lack of historical and future supply provides an opportunity to capture growing rental demand as only one 50+ unit multi-housing project has been built since 2015.