Chinatown Redevelopment Will Target Midlevel Income Tenants
The redevelopment of Chinatown’s Block 33 could have serious implications for the area’s future. The Old Town block sold for $11M in June, and the owner wants to include as many as 300 apartments in the site’s redevelopment, which will be targeted toward tenants with midlevel incomes. This is in stark contrast to the area’s largely low-income community; currently, roughly 75% of Chinatown apartments are restricted to tenants who earn less than 60% of the city’s median family income, the Portland Tribune reports.
Preliminary building plans have not yet been released, but owner Guardian Real Estate Services has requested a waiver to build in excess of the current zoning’s height allowance of 100 feet. There is concern the redevelopment could impede upon the area’s historic atmosphere. [PT]
