Hoyt Street Properties' newest condominium tower, the 176-unit Encore, may be its last ? at least for a while.

Set to open in November, the 15-story curved tower will be doing so in the midst of a slumping condominium market.

"Given the way the market is, we haven't had a lot of sales up to this point," said Tiffany Sweitzer, president of Hoyt Street Properties.

Among projects placed on the back burner is a Hoyt Street-owned lot known as Block 17, across from the Encore. Hoyt Street has postponed development activity on that project, citing a cooling condominium market as a major factor in that decision.

Sweitzer remains confident about the salability of the Encore once it nears completion in October or November. Hoyt Street's last condominium tower, the Metropolitan, was completed during the winter and has 18 units out of 136 remaining.

Most of the units sold either shortly before or immediately after the building opened.

Of the five penthouses available at the Encore, one has sold, according to Doug Shapiro, vice president of construction for Hoyt Street Properties.

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Here's a an interesting idea: raise industry standard for Portland developers! In an effort to spur green building practices, the city council will consider implementing a feebate system—basically penalizing those who fail to meet industry standard.

Doug Shapiro, Vice President of Construction at Hoyt Street Properties, says "“If we can’t exceed the minimum standards (of green building), then we’re not putting out a good product.” 

I think exceeding minimum standards is a GREAT goal—what do you think? 

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