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Downtown Portland’s skyline will be changing in the near future. The Goodman family, operating as Downtown Development Group, owns nearly 30 undeveloped parcels downtown and is planning some new projects for these lots, referred to as the Ankeny Blocks.
Proposed New Developments
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The Goodman family is looking at building 11 projects (for now) in the downtown area. These new developments will cost about $1.5B. The family is considering taking advantage of a city program that will allow for 10 years of property tax breaks in exchange for designating 20% of residential units as affordable housing, The Oregonian reports.
Recent Height Limit Changes
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Portland City Council voted in March to approve the West Quadrant Plan, which guides downtown development for the next 20 years. This 200-page plan allows for taller buildings downtown, raising the limit to 460 feet in some areas, giving the Goodman family its motivation to get started on these projects.
One Of The Nation's Top Development Opportunities
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Downtown Development Group co-president Greg Goodman has the widespread opportunity he does today because his father began purchasing downtown surface parking lots in the 1950s, allowing the family to amass a huge portfolio of lots prime for mixed-use development.
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