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Portland Business Journal
Oregon public company's market cap, once at $1.2B, falls to $3,690
The strange case of Arcimoto and its status as a going concern got weirder this week.<\p> Shares in the Eugene EV maker (OTCMKTS: FUVV) fell on Wednesday from 12 cents to basically zero — one hundredth of one cent.<\p>
A Portland pizza mainstay will open a Bend location
One of the city's most popular pizzeria is opening a spot in Bend.<\p> Ken’s Artisan Pizza will throw open its doors in November at 1033 N.W. Bond St., in the Downing Hotel building. The opening comes just after Ken's was named the country's fifth-best pizza restaurant by 50 Top Pizza, a prestigious Naples, Italy-based publication. Ken's had ranked third a year earlier.<\p>
A large Portland investment firm adds new spin on money matters
A new hire at Becker Capital Management hints at a bold new direction for one of the city's oldest financial services firms.<\p> Melissa May joined the firm as a wealth strategist, bringing a different look to the team: May is an attorney who'll help clients with their long-term wealth planning goals. Her skills, according to the firm, are finding tax-efficient "transfers of interests in closely held businesses, real property and other valuable assets to their families."<\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Developer of 52-home SW Portland project shares timeline, partners
Habitat for Humanity on Wednesday laid out plans for a new 52-home development on a prime parcel of land in Southwest Portland. <\p> The nonprofit acquired the five-acre property in the Hillsdale neighborhood, near Ida B. Wells High School, from Greater Portland Bible Church for roughly $1.65 million, about half the estimated value for the land, said Habitat Portland CEO Steve Messinetti. Habitat had worked with the church previously, acquiring a half-acre parcel from it to build seven homes about a decade ago. <\p>
How Deadpool fans can hang out in Ryan Reynolds' office
The July 26 release of the “Deadpool & Wolverine” film has spawned an unusual, and intriguing, promotional event in Portland.<\p> The home to Aviation American Gin, of which the film's star Ryan Reynolds is an owner, is offering fans the chance to visit the distillery, including an escape room that doubles as the actor's office, for hour-long tour and cocktail experiences. The conceit is that fans will walk into "Wade Wilson’s Birthday Party," a nod to a plot device involving Reynolds' character (as the film, per the trailer, takes place on Wilson's birthday).<\p>
52-home development planned for five acres in inner SW Portland
Habitat for Humanity Portland Region unveiled plans at a groundbreaking event Wednesday for its largest-ever Rose City development. <\p> The roughly $23 million project will be built on 5 acres in the Hillsdale neighborhood in Southwest Portland. It will include 52 homes, enough to house more than 185 people, in a mix of single-level houses and condominiums, with 2 to 5 unit homes available. <\p>
Oregon cannabis giant Wyld on taking on NY, maintaining US leadership
Wyld, by one reputable estimate the nation's best-selling cannabis edibles brand, has moved into what could become a big new market: the state of New York.<\p> The Oregon-founded and headquartered gummy specialist has been on an East Coast run this year, setting up shop in Maryland in March and Massachusetts in June. In all, Wyld products are available in fourteen states and two Canadian provinces.<\p>
Why 2025 is a 'transition year' for a noted Portland manufacturer
Ahead of its annual meeting last week, British boot maker Dr. Martens affirmed its previously communicated weak outlook for 2025, adding that it expects the year to be “very second-half weighted, particularly from a profit perspective.”<\p> In a July 11 statement, the brand said that fall and winter remains a key period, as revenue for the first half of the year is expected to be low. Though Dr. Martens also previously said it intends to focus more on its boot styles, in May it reported stronger sales in its shoes and sandals last year than in boots, particularly in DTC.<\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
A $16.5M Newport project brings housing, coastal support
Oregon State University is, in a literal way, further cementing its relationship with the Newport community.<\p> The school, working with Mackenzie Inc. and O’Brien-Lucas Ventures, has broken ground on a 77-unit housing project that'll become part of OSU’s Hatfield Marine Science Center. The $16.5 million, 34,000-square-foot housing project will provide 72 studio-style units and five two-bedroom units.<\p>
Portland rents stabilize but dwindling project pipeline is a red flag
A new report paints an 'optimistic outlook' for the Portland metro's multifamily commercial real estate market. <\p> For the first time since Q1 2021, demand for apartment units outpaced new supply. That's according to a Q2 multifamily report from real estate firm Colliers. For every new apartment unit that became available in the Portland metro, 1.46 existing units were absorbed. <\p>
Kate Brown, Daniel Bonham and Val Hoyle remember Peter Courtney
Tributes to Peter Courtney, the long-time Oregon Senate President who died Tuesday at the age of 81, continued to roll in from both sides of the aisle.<\p> Courtney was a lion of Oregon legislature, having served 14 years in the Oregon House and 24 years in the Senate, with a record 20 years as Senate President before he retired in 2023.<\p>
The new PDX main terminal gets a firm opening date
Travelers moving in and out of Portland International Airport now have a specific date as to when the new main terminal opens.<\p> That date is Aug. 14, meaning inbound and outbound airport users can see such touches as 72 live trees "that will recreate 'a walk in the forest,'" according to the Port of Portland, which manages the airport. Those looking to get a glimpse of the work, which includes the return of pre-security shopping and dining, are invited to visit the airport that day.<\p>
Sortis 'absconded' with kitchen equipment, $515K lawsuit alleges
Troubled Sortis Holdings and entities under its control failed to turn over title to kitchen equipment at the former Woodsman Tavern space after an eviction earlier this year — and "absconded" with some of the gear — a new lawsuit alleges.<\p> The suit by 4525 SE Division Street LLC names Sortis Holdings, its executive chairman, Paul Brenneke, and two Sortis affiliates that were involved in the rental of the Southeast Portland property. It seeks $515,000.<\p>
Peter Courtney, Oregon's longest-serving legislator, dies at 81
Former Senate President Peter Courtney, the longest-serving legislator in Oregon history, died Tuesday at the age of 81.<\p> “Today, I share the heartbreak of countless Oregonians as we all mourn the loss of one of the most influential lawmakers in the history of Oregon,” Senate President Rob Wagner, a Lake Oswego Democrat, said in a written statement.<\p>
Adidas resets financial expectations again
For the second consecutive quarter, Adidas has raised its full year guidance in a preliminary earnings report after a “better-than-expected” second quarter.<\p> The German-based apparel company, with its North American outpost in Portland, had previously forecast flat revenue to start the fiscal year, but after a strong first two quarters, that outlook was raised to a high-single-digit increase. Adidas, which employs about 1,700 at its North Portland HQ, also preliminarily reported 11% revenue growth during the second quarter.<\p>
Naomi Pomeroy: A singular Portland chef through the years
The July 13 death of Naomi Pomeroy, the Portland chef whose cooking skills brought her fame (as well as attention to the city's burgeoning 2000s food scene) has shocked the area's culinary and business communities.<\p> As a chef, she was known for emphasizing the dining experience as much as the food. Beast, which became her best-known restaurant, was known for communal seating at which diners freely shared observations on the cuisine. That food, it must be noted, landed Pomeroy the region's 2014 James Beard Award.<\p>
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