Roy Kim Development’s Lombard Plaza will be a five-story building with 44 workforce housing apartments and more than 5,000 square feet of commercial space, located on city-owned land at SW First and Lombard Avenue. Workforce housing units are designed for families that earn between $41,640 and $83,280.
Metro's Transit-Oriented Development Program, or TOD, helps make the most of the region's transit investments by providing developers with financial incentives that can make mixed-use projects near transit stops financially feasible. The TOD program also helps build the region's 2040 Concept, which envisions higher-density development in walkable urban and town centers, linked to the rest of the region by transit.
“I’m thrilled that Metro’s TOD Steering Committee agreed to support this important development,” said Beaverton mayor Denny Doyle in a release. “This will help us reach our goal of bringing more affordable housing units to our downtown area. Attracting more people to live in downtown brings energy and buzz to the area.”
Roy Kim Development, or Rkm, is also developing a similar project on the same block: the Barcelona, a 47-unit housing project developed in partnership with the nonprofit Community Partners for Affordable Housing (CPAH).
“I’ve been eagerly awaiting an opportunity to develop in the heart of Beaverton,” Kim said in the release. “Working with CPAH has been a wonderful experience and we’re excited to see The Barcelona and Lombard Plaza project come to fruition. Metro’s funding is greatly appreciated and will not only help our project move forward, but will also help in the redevelopment of Beaverton.”
This is the second time this year Metro’s TOD program approved funding for a development in Beaverton’s Old Town. In August, the program awarded a $350,000 grant to Rembold Properties for its Main Square Living project, a commercial space with 85 units located at SW First Ave. and Angel Street.
“These two investments take the suburban community of Beaverton to the next level,” said Metro councilor Kathryn Harrington, whose district includes the northwest part of Beaverton. “Lombard Plaza and Main Square Living are going to transform and advance the community of Beaverton by providing more options for people to live.”
Construction is tentatively scheduled to begin this fall once the permits are finalized.
Learn more about Metro's Transit-Oriented Development Program