A big hole in downtown Portland, which was meant to be filled by a skyscraper five years ago, saw construction start Friday.
TMT Development says it has secured $175 million in financing to build a 30-story tower on the block next to the Nordstrom store.
The Park Avenue tower was planned by Portland developer Tom Moyer, who also built the Fox Tower — kitty-corner to the hole — and another tower at 1000 Broadway.
But the great recession stopped the project and Moyer’s heirs locked horns in court over the stewardship of the business.
But now Moyer’s granddaughter, Vanessa Sturgeon, says they’re ready to move forward.
“We do have an anchor tenant on the office side, and that tenant is going to be making an announcement in fairly short order,” she said. “Apartments obviously can’t be pre-leased, however, we’re getting quite a waiting list going. The retail space is not yet leased, and retail is usually what ends up leasing last. “
The project is expected to create about 2800 jobs.