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.”

Mayor Ted Wheeler, center, blue suit, and others break ground at the site of a future Ritz-Carlton luxury hotel in Portland, Ore., Friday, July 12, 2019. The hotel has displaced the Alder Food Carts, which had occupied the space since the late 1990s.

Mayor Ted Wheeler, center, blue suit, and others break ground at the site of a future Ritz-Carlton luxury hotel in Portland, Ore., Friday, July 12, 2019. The hotel has displaced the Alder Food Carts, which had occupied the space since the late 1990s.

Donald Orr/OPB

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.