The couple who developed and built the Trend Building in the heart of NorthWest Crossing have started work on a second mixed-use building in the neighborhood. Shayne and Angelika Olsen, owners of Bend Trend Homes, are building Clearwater Crossing at 2900 NW Clearwater Drive, near Summit High School and the new Range Apartments. Clearwater Crossing is a speculative project, but the owners believe they’ll see a similar result as The Trend Building, which was nearly leased by the time it opened in August 2016, said Delia Feliciano, leasing broker with NAI Cascade in Bend. The Trend Building houses Washington Dining & Cocktails and Roundabout Books on the ground floor with several offices on the second floor.
“We love that we created a bit of a community center here,” Angelika Olsen said.
She said she’s hoping to repeat the process with Clearwater Crossing, which will be a three-story building with about 17,000 square feet for lease. The ground-floor space is being marketed to restaurants with the upper levels as offices.
“I think there’s pent-up demand for large office space on the west side,” Olsen said.
The overall vacancy rate for office space in Bend is 3.6 percent, but after Crane Shed Commons opened on SW Industrial Way, the vacancy rate on the west side rose to 4.3 percent, said Jay Lyons, a partner at Compass Commercial Real Estate Services.
Clearwater Crossing, which is expected to be complete this fall, is the first speculative office building since Crane Shed Commons. With about 11,000 square feet of office space for lease, it’s not going to substantially affect the office market, Lyons said.
Unlike the new office space near Hydro Flask’s headquarters, Clearwater Crossing will be traditional offices with high-end finishes, showers and patios with mountain views, Feliciano said. None of the office space has been leased.
The ground floor has about 6,000 square feet, which the Olsens hope to lease to two restaurants, one at the high end of menu prices and one deli or takeout, Feliciano said. As with the office space, NAI Cascades is just beginning to seek tenants. “Anyone who wants to get creative,” Feliciano said. “The population and the demand is there.”
Clearwater Crossing is within a five-minute drive of 3,293 households with a median disposable income of $55,164, according to NAI Cascade’s research.
The daytime worker population is 2,055, and the average home value is $591,282, according to the brokerage.
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