A brief shower delayed the golden shovel photo op, but once the skies dried up, investors, executives and other stakeholders gathered around BPM Real Estate Group’s CEO, Walter Bowen, for the official groundbreaking of Broadway Tower on Friday morning.

The event marked the official start of construction on the 19-story tower that will rise from the corner of Southwest Columbia and Broadway. Demolition work has already made quick work of the former Oregonians Credit Union building that had been on part of the property, which is owned locally by the Goodman family.

 

“It’s really an exciting time in Portland,” said Bowen, who’s BPM Real Estate only recently wrapped up the Pearl West office building in the Pearl District. “I really think this is a project that is going to add a lot to the city.”

Presently known as Broadway Tower, the 430,000-square-foot building will include 175,000 square feet of office space, 247 underground parking spaces and a 180-room Radisson RED hotel. Javier Rosenberg, chief operating officer of the Americas for Carlson Rezidor Hotel Group, which is behind the hotel component, said during his remarks that the hotel will be a big draw for millennials who come to Portland.

The tower itself, he said, “will be a beacon in Portland.”

Kevin Joshi, a senior vice president and partner with Kidder Mathews, handled leasing for Bowen’s Pearl West project, landing tenants like Wacom and Regus to nearly fill the building before construction was even complete. He will lead the leasing on Broadway Tower, as well.

Bowen joked at the event that he expected Joshi to have a few major tenants signed for Broadway Tower by next week.

“We’ve already had an incredible amount of interest from law firms to fast-growing IT firms and financial services companies,” Bowen said. “We expect to open in 2018 at near-full capacity.”