PORTLAND, Ore.--(BUSINESS WIRE)--Aug 16, 2023--
Portland’s homegrown Stumptown Coffee Roasters will open a new cafe on the ground floor of the recently completed 11W Building, a 25-story mixed-use tower at SW 11th Avenue and SW Washington Street. In conjunction, the company’s existing cafe at the Ace Hotel, located just around the corner on SW Harvey Milk Street, will close. The new cafe is planned to open late fall of this year.
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Rendering of Stumptown's new West End cafe at the 11W (Photo: Business Wire)
Stumptown has been committed to downtown Portland for 20 years, beginning with its largest cafe at SW 3rd Avenue, which opened in 2003. With the new cafe opening in 11W, Stumptown will partner with the Goodman family, who through their multigenerational business, Downtown Development Group, owns the building and has a long history of civic engagement in Portland.
“Stumptown cafes are deeply embedded in the neighborhoods we serve, serving as gathering places for our community while elevating local artists and the coffee-drinking experience,” says Stumptown President Laura Szeliga. “Our commitment to Portland runs deep, as does our history in the West End neighborhood, and we couldn’t pass up the opportunity to partner with the Goodman family and Downtown Development Group in making a shared investment in downtown Portland.”
Stumptown has traditionally chosen locations in historical buildings for its cafes, designing each uniquely to honor the neighborhood surrounding it and bringing in distinctive and beautiful art to each space. The recently delivered 11W development, while featuring modern design, customized Japanese steel exterior, and large plate German glass, is also committed to art preservation. The ground floor cafe location sits in an alcove specifically designed to preserve a mural on the adjacent Carlyle Building, “Capax Infiniti” by South African artist Faith47, ensuring that it’s visible from the cafe’s interior and exterior seating.
“Stumptown Coffee Roasters is an essential part of Portland’s history and culture, as well as an important economic driver in this dynamic neighborhood,” says Matthew Goodman, vice president at Downtown Development Group. “Our shared commitment to the West End will ensure that it continues to be bustling around the clock with well-caffeinated residents, employees, and visitors.”
Chicago-based Cresset Partners partnered with Downtown Development Group on the 11W, which features 213 best-in-class residences and penthouses, 115,000 square feet of office space, and curated ground floor retail. The building’s residences and commercial spaces are already roughly 50% leased after being open for just a few months. Targeting LEED Platinum certification, 11W is at the forefront of environmental sustainability, featuring a sophisticated air filtration system along with sliding glass panels in its retail spaces, offering plenty of light, outdoor seating, and indoor/outdoor connectivity. The building is accessible via an adjacent Streetcar stop, and prioritizes safety through its state-of-art security technology, as well its membership in the private West End Security District.
ABOUT STUMPTOWN COFFEE ROASTERS
Founded in Portland, Oregon in 1999, Stumptown Coffee Roasters is a pioneer of the Third Wave coffee movement and Direct Trade sourcing, and is credited as the creator of the cold brew coffee category. A Certified B Corporation and global brand with cafes in Portland, Los Angeles, New York and Kyoto, Stumptown coffee and cold brew can be found in thousands of grocery stores and wholesale partners across the US. Connect with Stumptown on social media: Instagram, Facebook, Twitter, YouTube, TikTok.
ABOUT DOWNTOWN DEVELOPMENT GROUP
Downtown Development Group (“DDG”) is a real estate investment company owned and managed by the Goodman family. The business is now in its fourth generation and focuses exclusively on ownership and operation of commercial real estate. The company owns roughly 30 office, apartment, retail, and industrial buildings mostly in the Portland market, comprising over 2M SF. It also owns roughly 30 pieces of shovel‐ready dirt and redevelopable sites in Portland’s urban core.
ABOUT CRESSET PARTNERS
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, private credit, private equity secondaries, and venture capital. We focus on building outstanding, lasting partnerships by investing long-term capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners was founded in 2018 and has more than $3 billion in commitments across real estate, private equity, private credit, and venture capital.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230816039976/en/
CONTACT: Delaney Chaufty
StumptownPR@gradybritton.com
KEYWORD: OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR COMMERCIAL BUILDING & REAL ESTATE SPECIALTY CONSTRUCTION & PROPERTY FOOD/BEVERAGE
SOURCE: Stumptown Coffee Roasters
Copyright Business Wire 2023.
PUB: 08/16/2023 01:00 PM/DISC: 08/16/2023 01:01 PM
http://www.businesswire.com/news/home/20230816039976/en
