The senior vice president of BPM Real Estate Group in Portland, Oregon, Barclay Grayson is responsible for acquisition and development at the company. In this role, Barclay Grayson plays an integral part in such projects as the new Ritz Carlton building in Portland. This hotel will occupy 11 floors of a 35-story structure that the company is building at Alder Street and Southwest Ninth Avenue.
The new downtown tower brings a level of luxury that is unprecedented for the city. The ultra-high-end structure will cost about $600 million to build, and its planned 138 condos will sell for $1,350 to $1,900 per square foot. Despite a downturn in the condo market in the area, developer Walt Bowen believes in the property and expects that interest in the residences will be bolstered by the presence of the planned Ritz-Carlton hotel, another of his projects.
Rooms at the hotel will cost an average of $450 a night by the time the business has been operating for four years. Compared to other luxury hotels in the city, this amount is close to double the current rates.
The project is evidence of the developers’ belief in the structure, and their belief in Portland.