For sale is the proposed Compass Corner mixed-use development project located at the corner of NW Awbrey Road and NW Mt. Washington Drive in Bend, Oregon. The 1.02 acre site is located just west of the scenic Deschutes River and perched above Rivers Edge Golf Course providing expansive NE views. The proposed site-plan and design is comprised of 40 unique and modern multifamily units over 5,293 square feet of commercial shell space. Approximately 3,823 square feet of commercial space is located on the ground floor with an additional 1,470 square feet located on level 2. The design also incorporates a small on-site leasing office with lobby and waiting room. Compass Corner is a 4-story, courtyard style design (3-story over podium), with open breezeways on ground floor for pedestrian passthrough and tuck-under parking access. One centrally located elevator serves all floors of the building. All multifamily units are located on floors 2-4 and accessed via interior corridor hallway. Unit mix includes 6 – studios at 465 square feet, 28 – 1bd/1ba ranging in size from 545-768 square feet, and 6 – 2bd/1ba units ranging in size from 1,040-1,138 square feet (Note: Square footages are approximate). All units have unique floor-plans with modern kitchens, ample built-in closet and storage space, full-size washer/dryer units and the majority of units have cantilevered exterior balconies.Current design with market rents could generate a completed project valuation in the range of $12,000,000 +/- (see projected ProForma). This valuation is an estimate and considers an 18-month max construction timeline and improved market fundamentals at time of completion.
