Orenco Station
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For additional information about Orenco Station or if you are interested in beginning your search for a home in this community please e-mail us at: Info@CostaPacific.com.
Orenco Station is a 190-acre mixed-use community located adjacent to the Westside MAX light rail line in Hillsboro. With a wide variety of housing types, a neighborhood town center, and numerous parks and open spaces, Orenco Station is a superb example of the best in “New Urban” design. And the awards prove it: since its groundbreaking in 1996, Orenco Station has become a nationwide model of successful “Smart Development”, and in 1999 was named “Master planned Community of the Year” by the National Association of Home Builders.
Originally zoned for industrial use, and later rezoned for higher density housing, Orenco Station was finally born when the site was designated a “town center” in the Portland Metro Area 2040 Plan. The plan established a gradient of residential density targets at varying distances from the Orenco light rail stop, and mandated mixed-use development. In 1995, PacTrust, owner of the site and a regional commercial developer, formed a joint venture with Costa Pacific to plan, build and market the residential portion of the transportation-oriented community.
Located in Portland‘s growing high tech corridor, Orenco Station is situated immediately south of the Intel Ronler Acres chip plant. As part of the planning process, Costa Pacific conducted market research among workers in the surrounding high-tech facilities to establish design and housing preferences and define affordability issues. The survey and subsequent focus group research revealed an attraction to the look and feel of the older Portland suburbs, with their charming Craftsman and bungalow architecture, picturesque rose gardens, and neighborhood-oriented shops. The research also reflected a somewhat nostalgic outlook, but one that fit well with the concept of a more densely developed-but livable transit-oriented development. The target market for Orenco Station‘s housing has generally been young professional couples, singles and empty nesters.
Original home prices ranged from the $180,000s to the $440,000s, which was approximately 20 to 30 percent higher than the area average. Consistent with the market research and a post-purchase survey of residents, this premium can be attributed to Orenco Station‘s strong sense of community, traditional architecture, pedestrian-oriented design, and amenities such as the town center, parks and open space – and of course, the nearby light rail.
Absorption rates for the new construction sales period were consistent, averaging 5-6 sales per month, with all homes sold by January 2005. Product types include townhomes, condominiums, rowhomes, lofts and cottages. All 449 residences were closed by May 2005.
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