Recession hits Cyan/PDX building

After converting to condos due to the bad apartment market, the building is now being sold.

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Portland’s Cyan/PDX building, designed by Gerding Edlen as an example of “20-minute living,” has taken a hit since opening in May.

The building is only 40% leased, and after converting from apartments to condos due to the bad market, Cyan/PDX is now being sold to a Texas commercial real estate firm.

The multifamily market is expected to begin to stabilize in late 2010 or early 2011, according to an analysis by Beth DuPont and Gary Winkler of Colliers International, but Edlen said it may be a while before his company develops more housing in Portland.

“I think apartments will be the first thing to come back,” Edlen said. “But until we get to the point where the return warrants the need, you won’t see a lot of new construction. Right now we’re trying to take advantage of our sustainable solutions to help others outside of Portland with their buildings. But it’s not as much fun as working in Portland.”

Read the full story at the Daily Journal of Commerce.

{biztweet}Gerding Edlen Cyan/PDX{/biztweet}

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