well-known downtown Portland landmark, Jackson Tower, has gone into default. The building’s owner, Jackson Tower Partners LLC, blames the decline of the city’s downtown area for their decision to default. The area has been plagued by issues such as the homeless crisis, the fentanyl epidemic, and the shoplifting crisis. The deterioration of the business climate has led to many downtown employees working remotely, causing businesses to suffer. As more buildings like Jackson Tower face default, the outlook for Portland’s downtown remains bleak.
The 12-story Beaux Arts office building, located at 806 Southwest Broadway, was built in 1912 and has been a fixture of the downtown area. The building was once home to the Oregon Journal newspaper and was renamed the Jackson Tower in 1951. In recent years, the building has faced issues such as high vacancy rates and significant loan amounts.
Jackson Tower’s default may be a sign of more trouble to come for Portland’s downtown real estate. Experts predict that more defaults are likely, especially for historic assets with high vacancy rates and large loan amounts. With downtown Portland facing a decline in businesses, tax revenue, and overall safety, the future of the city’s core is uncertain.
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