Construction Underway On Phase Two Of Urban Pacific Group's
Cannery Lofts In Oregon
August 26, 2008 -

LONG BEACH, Calif., – Urban Pacific Group, Inc. announced that construction is nearly complete on the second phase of a 93-unit waterfront loft project at a former cannery site on the banks of the Columbia River west of Portland, Oregon.

The Cannery Lofts, located in Astoria, was among UPG’s first projects outside California when it began work on Phase 1 of the project in 2005, and was the first housing of its kind developed along Oregon’s North Coast.  The second phase will include 33 units, which are expected to be completed in September 2008.  Sales began in May of 2007, with the community having presold 13 units, or nearly 40% of the available units. The first phase of the Cannery Lofts completed construction in 2007 and all units have sold out.

Chief Executive Officer Scott Choppin said that total development cost of the project is estimated at $22 million, with equity being provided by high net-worth investors.  He added that the company has secured construction financing for the second phase from the Bank of Astoria, a locally-based lender. The Bank of Astoria also financed the first phase of the project.

The Cannery Lofts are being developed adjacent to the Pier 39 complex and a marina, on a vacant parcel along the riverfront in the East Mooring Basin area.  A local trolley line serves the community, with stops along the Columbia River shoreline, terminating in downtown Astoria, along the riverfront.  In addition to the lofts, the project features commercial space on the ground floor.

Thomas Johnson Architects, LLC of Portland designed the project, with Urban Pacific Construction, Inc. serving as general contactor. Urban Pacific Construction, Inc. is a wholly–owned subsidiary of Urban Pacific Group and is a licensed general contractor in the states of California and Oregon.

“We’re thrilled to be nearing completion of construction on the second phase of the Cannery Lofts,” Choppin said. “The first phase was a roaring success, and presales on the second phase have been solid. According to our local sources, we are the only project selling units in this market. So with the right location, product, and aggressive pricing, we can still sell units even in the toughest market we’ve seen in long time,” Choppin said.

UPG specializes in higher density, mixed-use housing developments that also include retail and/or office components, in urban areas close to employment centers and transit corridors.  The company builds new construction and, where opportunities exist, it  also converts vintage commercial buildings into live/work loft spaces that are increasingly popular among urban dwellers. 

The Cannery Lofts has a huge appeal to buyers looking for a second home as well as empty-nesters seeking a unique living situation.  “We are seeing buyers from all over the Western U.S., with our predominant profile of a buyer from Portland, either as a second home, or a place to retire. As well, we have buyers from Washington, Montana, and California. We have hit the market with a great product and pricing, as we always hope to, and the continued buyer interest supports our vision,” Choppin said. 

For more information on UPG or its current projects, phone the company at (562) 590-5600, or visit its web site at www.urbanpacific.com.

Headquartered in Long Beach, UPG was founded in 1999 to provide urban housing through the development of premier infill residential communities throughout  the Western United States.