Portland will soon be home to the Northwest’s first Ritz-Carlton luxury hotel.
Portland Mayor Ted Wheeler joined BPM Real Estate Group and investors for the groundbreaking of Block 216, the site of a 35-story tower at Southwest 10th Avenue and Alder Street.
Wheeler said the project will generate one of the largest single investments in affordable housing in Portland.
“A lot of people talk about housing affordability in this community — I know I do," Wheeler said. "This project will contribute $8 million in payments and lieu payments towards affordable housing in our community."
Managers and investors expect the project to generate 2,000 construction jobs and over 550 jobs for hotel and residential operations.
The development of the project recently displaced Portland's largest food cart pod.
Completion of the project is expected in late 2023.