Idea: time sharing condo space in the pearl?

[Waterbuffalo]

http://blog.oregonlive.com/breakingnews/2008/07/developer_proposes_timeshare_i.html

Stephen Beaven, Oregonlive.com Business section

A Minneapolis-based developer has proposed building a six-story time-share facility with 115 units in the Pearl District.

Opus Northwest, which also has a Portland office, wants to build the project on the north side of Northwest Irving Street between 14th and 15th avenues, according to the Portland Bureau of Development Services.

Opus Northwest is under contract to buy the site, which is currently a surface parking lot. Opus Northwest is developing the project for Wyndam Worldwide, which offers time-shares around the country, as well as Australia, the Caribbean and the Pacific Islands.

Mark Desbrow, real estate manager for Opus Northwest, said today that he hopes to break ground in April or May and complete construction by August 2010.

[Waterbuffalo]

Could this be a way to sell more space at some of the under utilized condominium properties or new ones that are going to be coming online in the next two decades in the Portland Metro area that might be in the mid range or higher end markets.

[Chief]

A Time-Share in the Pearl??

I'm sure that's one way for a developer to try and market his over-priced apartments/condos, but what fool wants to buy a week's stay in a $1+ Million apartment in Downtown Portland??

A time-share at the beach makes sense, but in the Pearl??

http://img.photobucket.com/albums/v645/SeniorChieftain/BLOG%20IMAGES/alicethegoon.gif

mrgrn

[Waterbuffalo]

Chief: Have you heard of Trump's time sharing in New York city? His daughter might be building some condo space in downtown Seattle in a similar matter?

If you think that is seriously funny, wake up dude.

[Chief]

No matter how much they think so, Portland ain't Seattle or New York...

cewl

[Waterbuffalo]

<grin..> Only difference between Seattle and New York-San Francisco is the amount of people you can cram into a square inch.

Honestly, I may have to disagree with you here Chief. I think if it was some type of time share or rental of a condo out, it could bring in some money and it will allow someone who flies in and out of Portland a way to make some money on the times they're not gong to be in town.

If I'm a businessman, who is not married or with kids, flies in and out of Portland on business a lot, why would I want a huge apartment or house? Really it would be better to own a short stays and rent it out the other times.

All I'm saying is its just an option, nothing more.. And if Opus or any other developer decides they do not want to go that route, they could always turn the project into private condos or rentals full-time.