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June 20, 2016

Iconic Portland jazz club lands a new home

Portland Business Journal

Jon Bell

A 12-story apartment building may be pushing longtime jazz club Jimmy Mak's out of its home on Northwest 10th Avenue, but the tunes won't go silent for long.

The club, which has been in its space at 221 N.W. 10th Avenue for the past decade, has signed a lease for 5,400 square feet of space just across the street at 228 N.W. 10th. Owner Jimmy Makarounis said the space is part of the existing Bella Furniture location; it also includes an exterior courtyard. He said build-out is under way and he's expecting to open in the new location in October or November.

Caryl Brown, a vice president with Kidder Mathews, represented the property owner, Heart of the Pearl LLC, in the leasing transaction.

The club, which was in another nearby location for another 10 years before its current home, is moving to make way for a 12-story market rate apartment building. According to documents SERA Architects submitted to the city earlier this month, the new building will include 204 units, 5,500 square feet of retail space and 145 underground parking spaces.

Known as Modera Davis, the project comes from Mill Creek Residential Trust, which purchased both the Jimmy Mak's site and the parcel just north of it at 229 N.W. 10th Ave. earlier this year. The developer paid $3 million for the Jimmy Mak's site, which had been owned by several different partners, including Makarounis. Mill Creek paid $4.5 million for the second parcel, which it bought from Meger NW Tenth LLC.

The new development is just one of several sizable ones that Mill Creek has underway in Portland right now. The developer is behind Modera Pearl, a building in the Pearl, and a 200-unit complex at the former home of Oregon Ballet Theatre. Mill Creek has also proposed a 16-story building with 280 market rate apartments in Northwest Portland, as well.

For the full story, go to PortlandBusiness Journal.

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