Tom Moyer is halting construction on the putative 32 story tower, Park Avenue West (at this stage it’s just a really big hole in the ground).
Moyer announced today that construction will stop for nine months, a troubling sign of just how far the economy and the financial markets have fallen. Law firm Stoel Rives had already announced plans to move into the Park Avenue West building. The tower was 55 percent leased, an unusually strong demand during a recession.
Portland’s very own Ghost Tower . . . well, it would be if it weren’t currently just a hole.
Update: Per Devlyn’s comment, I guess what we have now in Portland, is our very own Boise Hole!
Oh no! I’ve been watching that tower go up from my cube window, and was looking forward to seeing it grow skyward. I sure hope they’re able to pick it back up so it doesn’t end up just a hole.
Steve R. says
Pfft… Boise’s got nothing on our hole!
Lets not forget that Moyer previously reneged on his agreement to build the “Ban roll-on” building with a rooftop garden, restaurant, and restored Broadway theater marquee