Amidst the city’s housing crisis, where rising rents and property values, homelessness, and rapidly changing demographics are the symptoms, Foster Road may soon see some relief on the way.
We’ve mentioned before that the YMCA building (at 6036 SE Foster) is proposed for a rebuild and the addition of close to 60 units of housing on top; 30 units are set to be built on a lot two blocks west (at 5816 SE Foster); and the former Busy Bee lot (at 5045 SE Foster), too, is in line for a mixed-use development that will bring three stories of apartments atop ground-floor commercial space.
The addition of this many units will significantly add to the supply of rental housing in the neighborhood, which should help calm the local market a little, putting less demand on single family homes that predominate either side of Foster. While views are mixed on what kind of impact increased development in the neighborhood will make, we do know that adding to the supply will only alleviate some of the competition for housing, thus keeping prices somewhat in check. Theoretically, of course.
And on the heels of all the above proposed developments—presumably all market rate housing—there’s another that will add over 100 units of affordable housing to the neighborhood. Dubbed 72Foster, the proposed development at 7120 SE Foster, which now serves as parking for the Portland Mercado, will bring 108 units of affordable housing to the neighborhood, as well as 10,000 square feet of commercial space.
We’ve mentioned this project before, but just as with all the other proposals being floated up and down Foster, there has yet to be any shovels hitting ground. That may soon, change, though, as the 72Foster project has recently requested early assistance from the City of Portland, a process that usually marks the beginning phases of development. With demand for affordable housing, and the political will to make it happen with a PDC-owned property, we would not be surprised to see this project move quickly.