The collapse of the condo market has been devastating for Gerding Edlen, but the company is planning a green turnaround.
Gerding Edlen Development Co., one of Oregon’s largest real-estate companies, built 3,200 condos worth $1.6 billion during its peak years.
But some of the company’s largest projects have been repossessed by lenders, resulting in losses of about $100 million. Now the company is focusing on green building for its recovery strategy.
“About everything that could go wrong did go wrong,” said [Portland real-estate investor Robert D. Scanlan], whose firm made and then lost millions on Gerding Edlen’s projects. “The fact that they’re still standing, that he’s still standing, is a semi-miracle.”
Instead of constructing new buildings this time, the company hopes to buy old ones, put them through green makeovers and hold the buildings or sell them.
Read the full story at OregonLive.com.
{biztweet}Gerding Edlen green{/biztweet}
