Kidder Mathews commercial real estate brokers Clay Newton, Jordan Carter, and Tyler Linn assisted in connecting Betsy and Rich Reese, owners of a .67-acre site in Portland, Oregon’s Lower Albina neighborhood, with Elden & Company, a commercial real estate consulting company, to oversee the development of an affordable housing project.
The development site is located between North Flint Avenue and North Wheeler Avenue. The Reeses are committed to the mission and goals of Albina Vision Trust (AVT), a group arranging the plans to develop affordable housing and a community theater on the property.
Community leaders started AVT to restore the historic Portland neighborhood’s rich cultural heritage and add affordable housing. The development plans include a seven-story building with 120 housing units for families with income between 30 percent and 60 percent of the area’s median income. The adjacent community theater will serve artists, youth, and creatives and prioritize art and cultural heritage. The project aims to reverse the displacement of Black families due to urban renewal projects and create a diverse, inclusive, and affordable community.
“Speaking with the Reeses over the years about development plans for their property, they said they wanted it to be bicycle and pedestrian-friendly, and they wanted to see it developed in the best way for the revitalization and restoration of this neighborhood. When Albina Vision Trust unveiled their plans for the neighborhood in 2017, the Reeses began discussions with them to determine the best option for their property to fit that vision,” said Newton, executive vice president, Kidder Mathews.
Kidder Mathews connected the Reeses with Edlen & Company because while their vision would be an amazing gift back to the community, pulling it together would take an experienced team bringing multiple agencies to the table, and Edlen & Company met those qualifications.
“We’re very proud to play a part in helping to facilitate this project, which combines affordability and racial justice, especially during this critical time in our city’s history,” said Newton.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts 1,800 appraisals annually. For more information, visit kidder.com.