High Street Residential, CenterCal Properties, and its investment partner CBRE Global Investors, commenced construction on the property known as Mercantile Village. The project consists of 206 thoughtfully designed apartments, parking for over 550 cars and 50,000 square feet of destination retail, all sitting on over six acres at the primary intersection of Kruse Way and Boones Ferry Road in Lake Oswego. The project is expected to complete in the summer of 2021 with leasing already underway.
The community will feature studio, one-, two- and three-bedroom apartment options, as well as a diverse amenity package embracing interests such as fitness, aquatics, crafting, gardening, domestic pets, resident business and collaboration space and family-friendly environments. The units include gas appliances and sophisticated finishes and fixtures. The retail is organized around a festival street atmosphere and includes an organic mix of experiential retailers congregated around the ample internal parking and attractive outdoor gathering areas available to the public.
Located only one mile east of Interstate 5 and Highway 217, and three miles west of downtown Lake Oswego, the Willamette River and Highway 43, the property offers convenient access to downtown Portland, nearby employment and the best schools in the state. The natural setting of the area includes parks within walking distance and commutes under 30 minutes to the myriad of activities that have made the greater Portland area internationally renowned for its quality of life. The project will be part of a mini renaissance of the Lake Grove neighborhood that includes pedestrian enhancements to Boones Ferry Road, permanent protection of adjacent wetlands, and builds upon several other recent nearby developments.
The first phases of construction are underway. While certain infrastructure upgrades are in progress, the development team will lend the buildings to first responders for training purposes in our ongoing effort to engage with the community.