Block 216, the 35-story mixed-use tower located in Portland’s Central Business District, will open on August 15, according to BPM Real Estate Group. Residential condominium sale closings for the new owners and a debut of The Ritz-Carlton Hotel will also be celebrated during a ribbon-cutting ceremony that day.

BPM Real Estate Group’s recent closing of additional financing to secure project funding through construction completion and the start-up period through December 2024. BPM Real Estate Group and the Portland Housing Bureau have also reached an agreement regarding the timing of the $7.76 million payment under the City’s Inclusionary Housing Program, which is made to facilitate offsite affordable housing.

This payment will result in the single largest investment supporting affordable housing in Portland’s history. “I look forward to seeing the direct impact of this investment in the program for creating a difference in affordable housing for our city,” said Walter Bowen, CEO of BPM Real Estate Group.