Single-family homes, condominium construction on the move this summer at 45-degree central

by: TIMES PHOTO: JAIME VALDEZ - The clubhouse at 45° Central community, featuring a pool, large gathering area and conference rooms was completed this spring at the complex at Southwest Murray Boulevard and Jenkins Road. With brisk sales and two single-family homes going up each week, the 45-degree Central development at Murray Boulevard and Jenkins Road is a high-profile response to growing demand for Beaverton-area housing.

Development of the 26-acre former mobile home park site across Murray Boulevard from the Nike World Headquarters campus began in September 2011. It will feature 360 units, including 240 three-story, single-family homes and 80 condominium lofts in three four-story buildings.

John O’Neil, vice president of Metropolitan Land Group, said that based on early sales, the project is dovetailing with movements in the marketplace.

“From a timing standpoint, we feel really good about it. Home values are going up. Interest rates are really low. In the near-term I’m really optimistic,” O’Neil said. “We’re trying to keep up with demand and moving as fast as we can.”

Healthy trends

As of mid-June, 55 single-family homes ranging in price from $250,000 to $370,000 were spoken for, with 18 of them occupied. Twenty-two condo units priced between $103,000 to $193,000 have sold.

Four model homes and a central clubhouse with outdoor pool were finished this spring. The first of four 20-unit condominium buildings is almost complete, with two more expected before the end of the year. More than 30 single-family homes are under construction.

Seven acres of adjacent commercial-zoned space that Metropolitan Land Group had designated for retail, office and hotel space will be gobbled up by VillaSport, a company that manages high-end fitness centers in Texas and Colorado. VillaSport plans to construct an 87,000-square-foot facility including a spa, outdoor pool and cafe at the corner of Murray and Jenkins, beginning as early as this summer.

“It’s going to be quite the flagship club for this area,” said Megan Talalemotu, sales and marketing director for the Crandall Group, the real estate firm handling 45-degree Central properties. “We’re thrilled to have them across the way.”

With at least six Nike employees among the buyers at 45-degree Central, the company’s recently announced expansion plans — calling for two new buildings and at least 500 employees on the Washington County campus — translate to good news for the housing complex.

“The location makes it very easy for them,” Talalemotu said. “But if it were the wrong product, even if it is across the street, they’re not going to buy it.”

Although Nike’s headquarters remain on an unincorporated island of Washington County, 45-degree Central was annexed into Beaverton’s city limits in 2010, O’Neil said.

Busy summer

Peter Brennan, construction project manager for Metropolitan Land Group, said he doesn’t expect the pace of eight houses started per month to slow anytime soon. Along with two condominium buildings going up this summer, Brennan anticipates 110 of the 220 planned homes to be under construction this summer and completed by the end of the year.

“We’ve increased our pace to meet up with the demand out there,” he said. “Sales would want me to go faster, but I can’t.”

Permit applications to the city of Beaverton for housing developments are up dramatically compared to this time last year, with 3,500 housing units planned for the newly annexed Area 6B in the Cooper Mountain area.

“The demand for housing of all types continues to grow as companies expand,” said Don Mazziotti, the city’s Community and Economic Development director.

The proximity to the TriMet’s westside light-rail line as well as expanding companies such as Nike are beneficial to 45-degree Central, O’Neil notes.

“There’s a real strong interest for housing in city of Beaverton related to jobs and transit,” he said. “Buyers appreciation for new homes is definitely very peaked at this point in time.”

Despite the pace, both Mazziotti and O’Neil agree it will be a challenge for development to keep up with the growing demand, particularly given the time it takes to get a project from concept to construction phase.

“We’ve been working on 45 Central since 2007,” O’Neil said. “It takes a long time.”

O’Neil’s not complaining, however. “We’re very pleased with how things are progressing,” he said. “We’re optimistic about the future.”

Contract Publishing

Go to top
Template by JoomlaShine