Interstate Corridor URA:
Shaver Green Apartments

The Shaver Green apartment building, located at 375 NE Shaver Street at Martin Luther King Jr. Boulevard, opened in June 2009. The 85-unit building, developed by husband/wife team Wayne Armstrong and Rolanne Stafford of Armstrong Development, gets its name both from its location and the myriad of green features incorporated. PDC provided urban renewal funds to cover 16% of the project cost.

Shaver Green contains 85 apartments consisting of one, two and three-bedroom units, serving singles, couples and families. Seventy-one of the units are workforce housing units affordable to families earning at or below 60% median family income (A family of four at 60% MFI earns approximately $42,000/yr.)  Ten of the units are reserved for permanent supportive housing (PSH) as part of the city’s plan to end homelessness. Services for the PSH tenants will be provided by Lifeworks Northwest. Shaver Green has already leased the bottom three floors of the building and anticipates being fully leased by August 2009 due to the high demand. 

Shaver Green is designated for Leadership in Energy & Environmental Design (LEED) Gold status. Energy-efficient features are many and include:

• radiant in-floor heating
• energy efficient appliances and lighting
• recycled steel studs
• low-flow faucets and shower heads
• high efficiency windows

The project also features Zipcar’s first electronic car and a car recharging station.

PDC contributed $2.5 million in TIF funds and $1 million in federal HOME funds to the project. Oregon Housing and Community Services (OHCS) and US Bank provided tax exempt bonds and Key Bank provided Low Income Housing Tax Credit equity. OHCS also helped fund additional soft costs. Total project costs were $16 million.

Shaver Green is managed by Cascade Management, Inc. For more information, including details on renting an apartment, call Cascade Management at 503.682.7788, or visit their website.