An architect has paid $4.25 million for the downtown YWCA building, one year after Northwest Academy opted not to close a $7.2 million deal for the iconic building at 1111 S.W. 10thAve.
Wei Zhang, managing partner of WHJHoldings LLC and principal architect at BDCL Design International LTD purchased the building in a deal that recorded Dec. 6, according to a statement from his Portland attorney, Gregory Dolinajec. Continue reading article.
I recently had the opportunity to assist several clients in acquiring an iconic Portland building.
A Bellevue, Wash., architect has bought the YWCA Building in downtown Portland with plans to turn it into residences with art-focused commercial space.
Wei Zhang, principal architect at BDCL Design International, bought the building at 1111 S.W. 10th Ave. for $4.25 million in a venture with partners based in Vancouver, B.C., and China. The deal closed in early December.
The private Northwest Academy middle and high school had a contract to buy the building from the YWCA of Greater Portland and turn it into a permanent home for its scattered downtown campus. But the sale and needed structural upgrades would have been a seven-figure venture, and the school balked at paying off an outstanding $2.7 million debt to the city of Portland as part of the deal.
The needed upgrades won’t be as significant for commercial use, Zhang said. His real-estate attorney, Gregory Dolinajec, said the debt to the city had been paid off as part of the transaction. Continue reading article here.