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“The single greatest lesson the garden teaches is that our relationship to the planet need not be zero-sum, and that as long as the sun still shines and people still can plan and plant, think and do, we can, if we bother to try, find ways to provide for ourselves without diminishing the world.”
— Michael Pollan, The Omnivore's Dilemma: A Natural History of Four Meals
Redside has built – and continued to grow – its business on the belief that older, existing structures like the 12-story Loyalty and six-story Hamilton buildings in Downtown Portland are worthy of being repurposed. The second chance given to these properties also costs less and is cheaper to operate.
At the time Redside took control of these two buildings, plus the Postal Building and the Oregon Pioneer Building in what was known as the Jewelry District, the client’s portfolio was knee-deep in Recession-related woes. The buildings were neglected, less than 40 percent occupied and attractive only to “vulture” buyers looking for drastic discounts that just didn’t pencil out.
Rather than sell at rock-bottom prices, Redside embarked on an extremely efficient, multi-million dollar revamp of these buildings in an effort to bring what at the time was a novel, Eastside creative space to the Downtown Central Business District. The firm removed drop ceilings and exposed the brick and concrete perimeter walls. Redside ensured the reuse of existing materials and infrastructure, reduced waste and helped to preserve the historic character of the city. Redside installed an all-new mechanical system, upgraded the plumbing and added bike parking.
The buildings are now complete and fully leased at market rates, to a variety of tenants including non-profits and high-tech startups. This was an accomplishment that had eluded several real estate firms before Redside came to the scene and spawned a new, local real estate classification – B-plus creative historic.
The Loyalty Building has achieved Energy Star accomplishments.
- Construction of bike storage and shower amenity to serve Portland’s urban dwellers and knowledge workers
- Established Green Cleaning and Maintenance Program for the buildings
- Restored original architecture and design elements
- Replaced antiquated boiler and roof top HVAC units with high efficiency VRF system
- Occupant comfort was greatly improved with building ventilation system with heat recovery
- All plumbing and lighting fixtures replaced with high efficiency fixtures
- Loyalty achieved Energy Star
- Development complete and stabilized at market rents
- Building renovation complete and in compliance with National Historic Register guidelines
- In process