Portland Real Estate Developer Betting With the House as He Develops Family-Owned Treasure, by (EON: Enhanced Online News


No one would call Reed Dow, of Reed Dow & Associates, a gambler- but he is betting nearly $1 million that the renaissance of Division Street that has been moving along for the last several years will help breathe new life into a 10,000 square foot former commercial warehouse that his family has owned since 1965.

The building located at 3525 Southeast Division Street is getting more than just a facelift. While the original character of the Art Deco façade will be preserved to blend seamlessly into the urban Division-Clinton neighborhood, the interior of the building was gutted down to the poured-in-place concrete walls and wood frame roof. Now that permitting is complete, plans call for a new roof with exterior insulation, rooftop HVAC units, electrical system, storefront glass and common area restrooms.

The newly branded ‘Dow Building’ is hoping to attract a restaurant or café for the prime corner space on SE Division and 35th Place and several other boutique retailers for the remaining store front spaces along Division.

“The building was constructed in 1925 at the peak of the Deco period, and over the years it has been home to a drug store, my family’s disaster recovery business, a tavern and many other establishments,” said Dow. “With the city targeting low impact, high density living for this area, we’re hoping that the restored charm of our building will attract a handful of new, locally-owned business that will complement the neighborhood.”

Josh Bean of Doug Bean & Associates, Inc. is the building’s leasing agent. According to Bean, the project may have up to six different tenants.

“We can accommodate five different retail tenants along Division Street and one creative/production tenant in the remaining space facing SE 35th Place. Over the past few years, even during the peak of the recession, Division Street has enjoyed a steady revitalization. Several developers have built new mixed-use projects or converted tired old buildings into vibrant new properties,” said Bean. “Division Street has become home to some of the city’s top chefs and restaurants including Andy Ricker of Pok Pok and David Machado of Lauro Mediterranean Kitchen. By the time our renovation and restoration are complete in November, we fully expect that we’ll be adding new interest to the block.”

“It brings me special pleasure to be a part of the restoration of a building that has been in my family for generations,” Dow added. “My family has a life-long commitment to the success of this friendly neighborhood that few in the area can equal. Our roots are in this neighborhood and with this project we’ll be sinking them just a little deeper.”

For leasing information please visit the website of Doug Bean & Associates, Inc., http://www.dougbean.com

Contacts

Reed Dow & Associates

Chris Daly, media

703-435-6293

chris@dalygray.com

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