Two, six-story-tall mixed-use buildings approved for Tigard Triangle
Two six-story mixed-use buildings will soon line the Tigard Triangle skyline at 72nd Avenue and Dartmouth Street following approval by Town Center Development Agency on Tuesday.
The agency, composed of members of the Tigard City Council, approved giving the developers of the project $1 million in redevelopment assistance with that money used to pay a portion of the project's system development charges, or SDCs. SDCs are fees charged to developers for the cost of installing needed infrastructure.
The two buildings will contain more than 200 residential units along with 6,500 square feet of ground floor commercial/retail space. Developed by Diamond Investment Group and ScanlanKemperBard, the project includes 243 parking spaces.
"If successful, the project will help prove the market for this type of development in the Triangle and help attract future mixed-use development," Sean Farrelly, the city's community development director, told the agency. In addition, $16 million in property tax is expected to be generated by the project, an amount that will accrue to the urban renewal district over 35 years.
"The project will also result in the improvement of three largely unimproved street frontages," according to a staff report. "The construction of this $61 million development will be an important milestone in the Tigard Triangle revitalization efforts."
An estimated 500 new residents are expected to be added through the residential portion of the project, according to city officials.
"I am genuinely excited to see what it looks like," said Mayor Jason Snider.
In Dec. 2017, the city approved a so-called "lean code" for the Tigard Triangle, making it easier for developers to receive approval for projects.
The 72nd Avenue Apartments were the first development to be pushed through the lean code, according to city planners. It is now under construction.
Meanwhile, six other multi-story apartment and mixed use projects have gone through early assistance review.
The 500-acre Tigard Triangle is marked by property bounded by Highway 99W to the north, Highway 217 to the west and south and Interstate 5 to the east.