TZL 1303

BUSINESS NEWS REACH’S 72FOSTER BRINGS 101 AFFORDABLE HOMES TO SE PORTLAND REACH Community Development, Holst Architecture , local leaders, and community members celebrate the completion of 72Foster, providing 101 new permanently affordable apartment homes to southeast Portland. 72Foster is an intergenerational, mixed-use building, serving both seniors and families with apartment sizes ranging from studios to three- bedrooms. 72Foster also provides 8,900 square feet of ground floor retail to serve the growing neighborhood. Current tenants include Pizzeria Otto, an old-world Neapolitan “pizza joint” devoted to the craft of Italian pizza making, opening late summer/early fall 2019. The design of the building places its mass at the urban edge of SE Foster Road to respect the existing neighborhood scale, while addressing the growing need for increased density in the area. To maintain pedestrian connections, an open breezeway links the public courtyard and residential neighborhood through the building to the Portland Mercado across the street. An open terrace at the fourth floor lounge balances the opening at the ground floor and offers views of Mount Hood. A large community room on the ground floor features folding walls that open to the courtyard. A vibrant mural leads visitors through the lobby and into the community room. 72Foster emphasizes REACH’s goals of providing transit-oriented affordable living while building a vibrant community. As southeast Portland’s population grows and outpaces the current housing supply, it is becoming increasingly difficult for people earning low wages or living on fixed incomes to find quality, affordable apartments. 72Foster is addressing this need through rents affordable to residents earning approximately 60 percent of area

median family income, less than $34,200 for a single-person household. In addition, Home Forward has provided 20 apartments with Project-Based Section 8 vouchers, where residents will only pay 30 percent of their income in rent, serving those with extremely low incomes. Onsite programs and services to residents will be provided through a partnership with the Asian Health and Service Center. “I’m so excited to see 72Foster open and serve the diverse cultural communities in southeast Portland,” says CEO Dan Valliere. “We are especially grateful to our partner Asian Health and Service Center who, in addition to providing on-site services to residents, has shared our vision for transforming an old, overgrown parking lot into a vibrant community.” The $24 million project is financed with funding from the KeyBank Community Development Corporation, KeyBank Community Development Lending, Freddie Mac (KeyBank Real Estate Capital as seller/servicer), Metro, Portland Housing Bureau, Home Forward, Oregon Housing and Community Services, and REACH Community Development, and is part of the Lents Town Center Urban Renewal Area. The building is designed by Holst Architecture with construction by LMC Construction Co. The property also includes an expansive 106.5 kilowatt solar array, offsetting utility costs for common space areas of the building. Holst Architecture is a women-owned design studio of talented professionals led by partners Kim Wilson, Kevin Valk, Dave Otte, and Renée Strand. Since 1992, Holst Architecture’s skilled designers in the Central Eastside Industrial District of Portland have been creating innovative places tailored to each client’s needs, while expressing the highest environmental, social, and aesthetic ideals.

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1200 North College Ave. Fayetteville, AR 72703 Chad Clinehens | Publisher cclinehens@zweiggroup.com Richard Massey | Managing Editor rmassey@zweiggroup.com Christina Zweig | Contributing Editor christinaz@zweiggroup.com Sara Parkman | Senior Editor and Designer sparkman@zweiggroup.com Liisa Andreassen | Correspondent landreassen@zweiggroup.com

MARK ZWEIG, from page 1

can be proud of, with getting bills out and collecting what’s owed, and with not getting sued by someone. These are not necessarily “CEO” level activities in the traditional definition of the role, yet they have to be done well. Whoever is at the helm may need to be personally involved in each of them on a daily basis if they want to see them executed properly. That takes time. Your priorities have to be clear. Sometimes, I think people get bored with the businesses that they run. Or, they get to feeling they are selling themselves short intellectually if they don’t seek out new business challenges. Then they take their eye off the “bird in hand” and start chasing after other birds in the bush. That means they forget their short-term priorities and lose track of what’s important to their survival and prosperity today. I understand how this can happen. I’m sure I have done just that at various times in my professional past. How about you, though? Are you trying to play the role of the high-flying entrepreneurial CEO in a large firm with lots of resources instead of thinking of yourself as a business owner? If so, get back to your real priorities now before it’s too late! MARK ZWEIG is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com.

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THE ZWEIG LETTER July 8, 2019, ISSUE 1303

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