This warehouse at Northwest 14th Avenue and Northwest Irving Street will be one of the last tax abatement properties available in the Pearl. Condition for tax abatement requires that the 30 lofts be rented out as apartments until 2012. Since the two penthouses are new construction, they do not qualify for tax abatement. The building will be converted into a mixed use with six floors total – three floors will be residential.
The developer is GM Crane Development LLC, a wholly owned subsidiary of Guardian Management LLC. The Crane will be a mixed-use historic building and the developers anticipate occupancy permits will be issued in late 2006. The 30 residential units will be leased for five years as apartments and then sold in 2012 as condos. In addition, two penthouses will be constructed and ready for occupancy when the building is completed. Plans call for 42 parking spaces. Loft and Penthouse Styles The 30 loft-style condos will be from 700-900 square feet. Some of the units will have a “close off” bedroom. The two penthouses will have 2,700 square feet of living space along with 300-500 square feet of patio. They will have 3-bedrooms and 2.5 baths along with hardwood and high-end wool carpets. An elevator will be dedicated for the penthouse units. Each unit will have two parking spaces.
History of the Crane Building The Crane Building was designed by architect William C. Knighton, a local who became well-known for designing several notable Portland buildings and other projects around the state. Before starting work on the Crane Building in 1907, Knighton had already demonstrated his professional talents in other high profile projects throughout Oregon, including the Capital National Bank Building in Salem (1893). Governor Oswald West appointed Knighton Oregon’s first state Architect, a post he held from 1913 to 1917. Knighton is probably best remembered for his design of Portland’s renowned Governor Hotel. The Crane Company started in Chicago in 1855 – the Portland branch opened in 1893.
In subsequent decades, the company diversified into products ranging from early bathroom fixtures to railings for the Golden Gate Bridge and equipment for the US Navy and NASA space program. The firm is currently active in five primary industries (Aerospace & Electronics, Engineered Materials, Merchandising Systems, Fluid Handling and Controls) with worldwide sales of $1.5 billion.