When Walter Bowen and BPM Real Estate Group broke ground on a luxury mixed-use tower in 2019, Portland was a national media darling, loved by progressive thinkers, entrepreneurs, and hipsters alike. While lampooning shows like Portlandia challenged the city to laugh at its own quirks, the Rose City was also considered a model for quality of lifestyle and revered for the variety of bars and restaurants that influenced global hospitality trends. Portland’s enviable location is recognized broadly for its unmatched access to a bounty of natural beauty and outdoor recreation of all kinds.

Fast forward to today. While the basic tenets of what makes Portland an attractive place to live remain, they have been obscured by the many challenges the city faces as the result of a pandemic that took most of the workforce out of their offices, local expression of the nationwide urban unrest, and people experiencing homelessness, all compounded by an epidemic of unchecked drug use in the downtown area. For the past four years, downtown Portland has struggled.

Meanwhile, construction of Block 216, home of The Ritz-Carlton, Portland hotel and The Ritz-Carlton Residences, Portland, as well as the Block 216 premium office, retail, and hospitality complex, has continued. Rising from the location that once housed one of the city’s food cart pods, this gleaming glass tower has taken its place among the tallest buildings on the skyline, with its gem-like facets creating unique reflections throughout the changing light of the day and even at night. For those who tour the inside of the building, Hidden Mountain Lake, the infinity pool and jacuzzi, and The Ritz-Carlton Spa, both on the 19^th floor, tantalize the imagination. Not to mention the addition of Chef Pedro Almeida creating Bellpine, the Hotel Signature Restaurant on the 20^th floor, and FLOCK, a collection of Portland’s favorite food carts located in an open-air setting on the ground floor.

But still, some have asked, “What does this new tower mean for Portland?” Or even, “Do we need an investment like this in Portland right now?” The answer is a resounding “Yes.” Beyond the luxurious details, the incredible amenities, and the legendary service that will attract people into the downtown area, Block 216 represents the most substantial investment into Portland in decades. It is destined to become the hub of local and regional economic advancement, benefiting the entire area.

This development, which invested over $700 million into the city, will directly contribute $25 million to the city in government fees alone. These fees will help fund the many programs Oregonians have voted for but require additional funding. Within ten years, that number is expected to more than quadruple to a total of $120 million. The project has created 2,000 net new jobs to date, and it is just getting started. The Ritz-Carlton, Portland will create hundreds more jobs, many of which are well-paying, career boosting opportunities. Further, BPM Real Estate Group will make the single largest contribution to the Portland Housing Bureau in the city’s history. This $7.76 million payment will directly impact this city’s affordable housing development for years to come.

As Walter Bowen, Founder and CEO of BPM Real Estate Group, explains, “Ultimately, the opening of Block 216 opens the door for world travelers and locals alike to return to Portland to reinvigorate downtown through world-class culinary experiences, top-tier hospitality, cultural moments, community connection, and the business opportunities downtown so desperately needs. Block 216 is a monumental signifier of the renewal and transformation on the horizon for Portland, and I’m confident our best days are ahead of us.”

Those days are fast approaching. With the hotel opening on October 31^st and The Residences opening in November, this shining icon will soon welcome visitors and Owners into its luxurious interior. And with them, a new reason for optimism and excitement about Portland’s bright future.