Compass Commercial: News and Articles

April News Briefs

A few headlines from the month for commercial real estate news watchers

4.5        Bend is the 4th fastest growing city in the nation according to estimates released by US Census Bureau. From 4/1/00 to 7/1/06 Bend grew 29.3 percent with 33,773 new residents bringing the city’s population to 149,140.

 

4.6        City planners take first cut at UGB map by showing about 12,000 acres for consideration. Ultimately it will settle on 1/3 of that acreage, about 4,000, for inclusion in the UGB. Here is a PDF of the first cut courtesy of the Bend Bulletin.

 

4.11      Prineville Planning Commission has given conditional use permission for Anglers Canyon, an 877-unit planned development that would be located on 232 acres south of the Crook County Fairgrounds and adjacent to the Crooked River. Project to develop over 15 years in 16 phases.

 

4.25      Prineville’s old Ochoco Lumber mill site may become a 76 acre “mini-Mill District.” Project is headed by Bruce Daucsavage (President of Ochoco Lumber) and has Bill Smith (Developer of the Old Mill District) on board as a partner and consultant. Plans are for a 3-phased, 7 to 10 year project including retail, office and possibly residential. Initial costs are set at $20 million. Plans face numerous hurdles including traffic, water/sewer, and zoning issues. On the plus side, it is ideally situated to take advantage of two new housing developments, Iron Horse (2800 homes) and Anglers Canyon (initially approved for 877 homes) as well as Brasada, Hidden Canyon, and Remington Ranch.

 

4.27      Sisters approved plans for the Sun Ranch Business Park. A first for Sisters, the light industrial development will also blend commercial and residential uses. Lots are between a half and one acre. Tenants will be able to build loft apartments above commercial spaces to create a “live-work” environment. Plans also include about 35 small homes. Construction to begin as early as late summer.

 

4.27      EDCO director Roger Lee highlighted his predictions at an annual luncheon:  The population of Central Oregon by 2010 will be led by Deschutes County (204,233). By the end of the third quarter this year the city’s (Bend) population should cross the 80,000 mark, the region should be around 210,000 residents. He predicts average home prices in Bend to be $500,000 by 2010. He noted that 72% of the growth in the last 15 years regionally has been from in-migration (vs. births).

 

4.27      The Oxford Hotel (formerly called the Hotel O) is set to break ground on 5/1. Plans are for a 7 story, 56 room upscale hotel at the corner of Minnesota and Lava. Builders and owners are Bend-based Baney Hotel Group. Plans call for restaurant and retail space as well.