Last month, tours began of a model apartment at the new 90-unit Rose Apartment complex at 328 N.E. 97th Ave. The first tenants move in on April 1.
Work crews are currently painting and putting the final changes on the lobbies of the two four-story apartment buildings, Rose East and Rose West, one facing Northeast 97th Avenue and the other facing Northeast 99th Avenue, each with 45 units.
Developer Gordon Jones said Princeton Property Management is already taking applications from people interested in renting a unit. “We’ve had a tremendous response already,” Jones said. “We have over 100 on a list that we’re waiting to make arrangements for tours; we’ve got over a dozen applications so far. We’re touring every day now.”
Tenants will first move into the west building while crews are finishing the east building, which will be ready about three weeks later. 40 percent of the units in the building are for low-income tenants, available to people earning 60 percent of median family income. The other 60 percent of units will rent at market rates.
An on-site grand-opening is tentatively scheduled for the first week in May. Most speakers will be from the many city and county agencies and private institutions that collaborated with Jones to build the $10.6 million dollar project. Representatives will speak from Metro, the Portland Development Commission, the Portland Bureau of Transportation, the Oregon Department of Transportation, Portland Environmental Services, TriMet and Riverview Community Bank.
Jones worked a plan for 10 years to construct the building, receiving a 10-year tax abatement for including the low-income units. Metro chipped in $500,000 to the whole project and another $40,000 to build a public plaza and community garden.
Rents for income-restricted units will range from $652 to $795, including utilities. Market rate units, excluding utilities, will rent from $670 to $1,050.
“It’s been a village effort, I’ll tell you,” Jones said. “These things always take a long time and they’re an awful lot of work, but it’s really exciting when you finally see a project come to fruition and become a reality. We’re very close now.”
For more information about renting a unit in the building, call 503-227-7673 or visit www.roseaptspdx.com.