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|American Assets Trust, Inc. Unveils Vision and Name for Lloyd District Project|
American Assets Trust, Inc. Unveils Vision and Name for Lloyd District Project
By 2015, "Hassalo on Eighth" will transform the neighborhood, adding over 600 new residences and dozens of local businesses
Portland, Ore. (9/17/2013) - American Assets Trust, Inc. (NYSE: AAT) (the "Company") unveiled today its vision and name for its new Lloyd District development that it expects will bring over 600 new residences and dozens of local businesses to the area. The project, called "Hassalo on Eighth," is slated for completion by early 2015.
Ernest Rady, the Company's Executive Chairman, and John Chamberlain, the Company's President and CEO, were joined by dozens of dignitaries including Mayor Charlie Hales at a ceremony on Tuesday across the street from where the "superblock" project is under construction. As part of the ceremony, the Company unveiled its name and logo for the project, which were created by Portland's Wieden+Kennedy.
"Portland is a city of neighborhoods. All of them are distinct, but what makes them great is their human scale-they are places you can walk with your dog or your family, where you can get a great cup of coffee or an incredible meal, where you can shop for groceries or stop by the cleaners," said John Chamberlain. "This project is about returning that human scale to the Lloyd District."
Hassalo on Eighth is located between NE Hassalo and Multnomah Streets bordered on the north and south and between NE 7th and 9th on the east and west. When completed, the Company expects it will enliven the Lloyd District, which has approximately 25,000 office workers but very few residents. The Company anticipates the development will attract a wide range of residents and visitors by offering a variety of housing options and retail spaces.
The project, designed by Portland's GBD Architects, will be LEED Platinum certified, and includes a number of innovative green technologies, including recycling and re-using all of the building's water, which is extremely rare in residential developments. The total number of residences will be 657, with approximately 593,000 square feet of residential space and nearly 32,000 square feet of retail. Also planned is a 26,000 square foot "anchor tenant," which may be a grocery store for new residents.
"We are repairing the urban fabric of the Lloyd District by transforming parking lots into a 24-hour neighborhood," said GBD Director Gene Callan. "Our plan is to build a neighborhood that offers a variety of housing options and retail spaces that can cater to a wide range of people and businesses."
The project is located in one of five "EcoDistricts" planned in the Portland area. An ecodistrict is a multi-building development that is designed to maximize an area's sustainability and livability features. Hassalo on Eighth demonstrates ecodistrict solutions while creating a sense of place around the environmental ethos of a community.
"An Eco-District shows how buildings can work together to create sustainable neighborhoods, not just exist in isolation, and represents the future of green design and development," said John Chamberlain.
About American Assets Trust
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. For over 40 years, the Company has been acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation's most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii. The Company's retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.6 million square feet. In addition, the Company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units. In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.
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Source: American Assets Trust, Inc.
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