PORTLAND, Ore. – A lot currently home to a food cart and garage is the site of a proposed large multifamily development.
Photo credit: Portland Chronicle
The lot, located on the edge of the Richmond neighborhood at 4937 SE Division St., features the original Los Gorditos food truck. It also hosts a 2,000 square foot garage built in 1942. The lot totals 10,000 square feet.
Photo credit: Portland Chronicle
It was sold in July for $875,000. The previous owners were George and Isabelle Zifcak. The most recent sale prior to that was 10 years ago, when it sold for $345,000.
On Nov. 24 the city received an early assistance application for development on the lot. The developer proposes a 134-unit apartment building. The ground floor will be used as retail space.
Photo credit: Portland Chronicle
The owner of the property is D50 Lofts LLC, registered to Lance Yoshio Inouye, who makes up half of Yoshio Mckennon LLC. Inouye is also Chief Financial Officer at PREM Group, a development company which says it “was integral to the successful development of Portland’s Pearl District Brewery Blocks…”
Inouye also used to be CFO Gerding Edlen, according to PREM Group.
Photo credit: Portland Chronicle
Another owner listed on the application is Aaron Jones, listing Urban IDM as his affiliation on the development. Jones makes up the other half of Yoshio Mckennon LLC, and was also involved with a Montavilla demolition recently profiled by the Portland Chronicle.
Photo credit: Portland Chronicle
Urban IDM’s website points to a promo for the Hawthorne Twenty-Six apartments. Urban IDM lists Otto Gaither Jr. and Investment Development Management as its managers. Both of these names, along with Yoshio Mckennon, are also listed on the business registration of PHA Venture LLC, which owns the Hawthorne Twenty-Six development.
Photo credit: Portland Chronicle
The applicant on the Division development is Rebecca Grace of SERA Architects. SERA Architects designed the Hawthorne Twenty-Six as well.
Photo credit: Portland Chronicle