Welcome The Portland Armory Combining Historic Tax Credits

Welcome The Portland Armory: Combining Historic Tax Credits, New Markets Tax Credits and Green Strategies, Too iped Historic Tax Credits for Developers Los Angeles, California February 8, 2007

Historic Overview • Built in 1891, originally housed the Oregon National Guard • Hosted Opera Singers, Professional Wrestling, Tennis Matches and Presidential visits • Most recent life as storage for previously adjacent brewery

Redevelopment Challenges • Economic need to maintain key historic features to utilize historic tax credits – – Bow trusses Facades Windows Entries • Inability to alter the façade limited street presence, daylighting for retail or office use • Seismic requirements presented engineering challenges • Inability to build up or out – lot and FAR maximized

Redevelopment Alternatives • Demolition and Replacement. Not seriously considered - Owner recognized value in preserving iconic building. • Fitness club. Negotiations were well underway. Economically viable – market rents & potential to take advantage of historic tax credits. • Performing Arts Theater? Fit with physical limitations of space, but economically deeply challenging.

Redevelopment Goals • Preserve an iconic Portland building • Create world-class performance spaces • Push the sustainability envelope • Build a lasting, dynamic community asset

Redevelopment Results Exterior Administrative Offices Lobby & Mezzanine

Redevelopment Results “Fire Wall” Theater Reception Area Main Stage Theater

Redevelopment Results • Main Stage Theater seats 599 • Studio Theater seats up to 200 • Lobby and mezzanine can host events in excess of 200 people • Portland Center Stage administrative offices and rehearsal space housed in the trusses

The Old and the New

The Old and the New • Ongoing community engagement key project goal – Community events held inside and outside the building – Technology used to educate community about the building – Sustainability and historic preservation are at the heart of the building’s story

Financing

Thank you. The Portland Armory: Combining Historic Tax Credits, New Markets Tax Credits and Green Strategies, Too iped Historic Tax Credits for Developers Los Angeles, California February 8, 2007