In February of 2010, PDC staff received a proposal from Lisac Brothers Construction, Inc. to develop ten single-family, market-rate homes on the Vanport Phase II site. In June of this year, PDC’s Investment Committee gave staff authorization to begin negotiations with Lisac Brothers Construction, Inc. for the disposition and development of the Vanport Phase II housing project.
The development team of Lisac Brothers Construction, Inc. will retain the Vanport Partners as consultants, with their involvement in the project ending at the start of construction. Once securing control of the land, Lisac Brothers Construction, Inc. would begin the site subdivision process which is estimated to take nine months. While the site subdivision is moving forward, Lisac Brothers Construction, Inc. would simultaneously pursue design and permitting. Lisac Brothers Construction, Inc. estimates construction could begin 12 to 18 months after execution of a development agreement with PDC and completion of all housing units 12 to 36 months after start of construction.
Lisac Brothers Construction, Inc. is a small builder/developer that developed affordable, market-rate, in-fill projects in Portland. Irving Park Townhouses on NE 7th is one example. Lisac Brothers Construction, Inc. is confident that it can obtain construction financing for the proposed project and has submitted a letter of interest from Lewis & Clark Bank to support this.
The development team is proposing to build ten (10) detached, market-rate homes averaging 1,300 sf on separate lots. The homes would be three levels, with the ground level primarily devoted to a garage that would be accessed from the rear through the Vanport Phase I parking lot or in the case of the end units, NE Emerson and NE Sumner. The sales price per unit is estimated to be between $245,000 and $265,000.
