Hoyt Street Properties reaches for the stars with its latest venture.
As of early October, Marilyn Andersen, principal broker and sales manager at Hoyt Street Properties, had collected more than 500 names on an “early interest” list for the company’s newest project, Cosmopolitan on the Park. And the showroom adjacent to her Hoyt office hadn’t even opened yet.
The Cosmopolitan will soar. It’s the firm’s 12th Pearl District building, and—at 348 feet—it will be the tallest in the neighborhood, by far. When it’s completed in late summer 2016, this angular, glass-sheathed stunner will rise 28 floors above what’s now called Block 15, just north of imaginatively designed Tanner Springs Park, right where the Portland Streetcar turns the bend toward Nob Hill.
“I’ve had especially strong interest in the penthouses,” says Andersen, seated in her airy office overlooking the 14-story Pinnacle, an earlier Hoyt project. “One prospective buyer wants to combine three garden units to make one big space.”
The building’s position avoids casting shadows over neighboring Tanner Springs and Fields Parks as well as nearby condos.
Recalling the building boom a decade ago, she says, “Every day you saw new changes.” The momentum slowed by late 2008, just after Hoyt opened the Encore, a striking curvilinear condo building that overlooks Fields Park near the Willamette riverfront. But the neighborhood, which Hoyt Street Properties has played a vital role in developing, has clearly regained its mojo. “That building is sold out now,” says Andersen. “Inventory is very tight in the Pearl.”
The Cosmopolitan, which will contain some 150 residential units in a variety of layouts, will answer some of the demand—and in dramatic fashion. Current drawings (see above) depict a shimmering tower linked to a four-story base structure. Designed by Portland’s Bora Architects—which created such eye-catching projects as the Portland Center for the Performing Arts, the Mark O. Hatfield U.S. Courthouse, and the Pearl’s current tallest building, the 19-story Metropolitan—this new tower will possess a sleek profile reinforced by enclosed patios. Andersen points out that the building’s position avoids casting shadows over neighboring Tanner Springs and Fields Parks as well as nearby condos. Plans call for six ground-floor retail spaces for lease, and five for sale. Amenities will include a 24-hour concierge, a fitness center, a community room, electric car–charging stations, outdoor common areas, three guest suites, and enclosed parking. Condominium prices haven’t yet been announced but are expected to range from $500 to $1,200 per square foot.
Two penthouses will sprawl over 3,000 square feet on the 28th floor, and three slightly smaller units will occupy floors 26 and 27. Four junior penthouses are planned for each of the next seven highest floors, and the lower levels will have five or more units—the fourth-floor garden residences will access an open-air common area. As is characteristic of other recent Hoyt projects, the finishes here will be luxurious, from Pedini kitchen cabinets to countertops surfaced in solid quartz.
Ultimately, it’s the neighborhood—and not merely the high-end perks and dazzling design—that’s generating so much interest in this highly anticipated project. “People notice the rich mix of buildings in the Pearl—that they don’t all look the same. They appreciate the easy access to shops, restaurants, and parks,” says Andersen. “Everything that you want you can walk to.”
She adds that most of the buyer interest has come from the East Coast, California, and Washington. “Many of them are planning to move here without family. They just want to live in Portland, and specifically in the Pearl.” —Michaela Bancud