Heritage Building in default; to be foreclosed on?

The Heritage Building, located between Shaver and Failing on the east side of MLK, has not been able to attract enough tenants to its office space and Albina Community Bank has scheduled a foreclosure sale, according to Ryan Frank in last week’s Oregonian. The Heritage Building project, its building renovated in 2006 with the addition of two floors above street level to create additional office space, is in default to loans to both Albina Bank and the Portland Development Commission. Frank’s article notes that King’s Crossing (also known as The Fremont Building) at Fremont and MLK is struggling to attract tenants to its above-ground-level offices.

The Heritage Building appears to have a couple of stable street-level tenants: Hawkins Hardware, and No Limit Martial Arts. The building itself, according to the PDC, is “the first LEED Gold certified building in inner Northeast Portland.”

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