937 introduced a pristine, pure and timeless design to Portland's much-acclaimed Pearl District. This simple, elegant and refined building can be compared to an Armani suit. Tireless design work at each step of the way has rendered an exceptional, award-winning building. 937 is only the third residential high-rise condominium in the U.S. to achieve Leadership in Energy and Environmental Design (LEED) certification at the platinum level, the highest designation available.
Inspired by fractal patterns found in nature, the skin of the building is dressed in custom bricks resulting in clean, elegant and refined lines. The exterior features random window openings and a playful balcony pattern, designed to create an abstract expression of art—symbolic of the creative history of the Pearl. Highly curated residences have rotated floor plans that allow for a maximum amount of natural light to permeate the living space, resulting in a serene environment that invites the outdoors in. The result is a building with a natural rhythm that reflects its landscape.
Distinct and timeless, 937 is designed to complement rather than intrude upon the surrounding environment. With special touches such as custom brick, floor to ceiling windows, rift-cut white oak floors, quartz countertops and new, efficient floor plans, 937 has become an icon in Portland's skyline. This project was co-developed with Geoff Wenker.
Not only artistic, 937 also was designed to be environmentally friendly. With a focus on energy efficiency and conservation, 937 with its LEED Platinum certification raised the bar for green standards in Portland. For example, during construction, more than 94 percent of waste was diverted from the landfill. In addition, 937 was designed to use 30 percent less water and 40 percent less energy to operate than condominiums built in 2001, just seven years prior.
These advances in sustainability are the result of a dedicated and experienced team of professionals working toward a common goal of paying homage to the environment in design and in functionality.
In addition to being Portland’s first truly modern high-rise, 937 garnered several awards:
2010 LEED Platinum Certification
2009 Northwest Natural Gas Street of Dreams
--Best of Show, Judge’s Choice (“Homer Award”)
--Best of Show, Realtor’s Choice
--Best of Show, People’s Choice
--Best Interior Design, Judge’s Choice
--Best Kitchen, Judge’s Choice
--Best Architecture, Judge’s Choice
2009 Home Builders Association, Building Excellence Award
2009 Daily Journal of Commerce “Top Project” Award, First Place in its Class
937 Condominiums is known as a success story. As the housing market soared in 2005, 937 was in the planning stages. Simple and elegant, with luxurious finishes and a custom brick skin, this $70 million project was designed to be Portland’s first truly modern high-rise. By October 2006, construction on the building began, with an estimated two years to completion.
Less than a year into construction, the housing bubble burst. Housing prices nationwide peaked and began to decline. By the end of 2007, housing prices in many markets already had fallen 15 percent from the peak.
The decline worsened in 2008 as the economy crumbled. In March, Bear Stearns, a global investment and securities firm, lost more than 20 percent of its share value within a 10 day period. In July, a bailout plan for Fannie Mae and Freddie Mac was approved. By September, losses due to the subprime mortgage crisis were enormous: Fannie Mae and Freddie Mac were put into conservatorship by the Federal Housing Finance Agency; unemployment rates had risen; major mortgage lender Washington Mutual Bank was placed into receivership, closed and sold; AIG was approved for an $85 billion rescue package from the U.S. Federal Reserve Bank; and Lehman Brothers filed for Chapter 11 bankruptcy protection.
By the beginning of October 2008, the legislature had approved a $700 billion bail-out plan and the stock market was at a record low. On October 16, less than two weeks later, 937 celebrated the completion of construction and its grand opening.
As the stock market and the housing market collapsed, the developers of 937 dedicated their time and effort to achieving successful results for the project and its lenders. They maintained a full-time presence on site and hands-on oversight, providing creative marketing ideas, continual research about the state of the real estate market, training and management for developing the best sales team, and active monitoring of construction punch list and warranty work.
The development brought in a host of awards for its design and construction. In addition to becoming the third high-rise condominium building in the U.S. to achieve a LEED Platinum Certification, 937 was awarded “Top Project” in its class by the Daily Journal of Commerce, and swept all three “Best of Show” awards in the Northwest Natural Street of Dreams in 2009.
Of the 11 major condominium buildings anticipated to begin sales between 2006 and 2008, five of the projects converted to apartments. Only three buildings, including 937, had completed the sale and closing of 100 percent of its residences by the end of 2012 without being returned to the bank or sold at auction. For 937, sales commenced as the market shifted, and yet all residences were sold by May 31, 2012. No other Portland mid- to high-rise condominium building of that time period achieved comparable success.
Through hard work and effort, 937 and its developers withstood a recession and an unpredictable real estate market. This level of success has contributed to the PHK team’s reputation of fulfilling commitments in both good times and bad.