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Market shift spurs developer’s ‘very necessary pivot’

Summary by Daily Journal of Commerce
Urban developers have struggled to pull off office-to-residential conversion projects in the face of steep costs for reworking existing buildings. Sturgeon Development Partners had one advantage: Flatworks, a proposed 120,000-square-foot office building, existed only in architectural drawings. Vanessa Sturgeon, CEO of the Portland-based company, has yielded to an unforgiving market for office space and redesigned plans for its proposed eight-sto…
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Daily Journal of CommerceDaily Journal of Commerce

Market shift spurs developer’s ‘very necessary pivot’

Urban developers have struggled to pull off office-to-residential conversion projects in the face of steep costs for reworking existing buildings. Sturgeon Development Partners had one advantage: Flatworks, a proposed 120,000-square-foot office building, existed only in architectural drawings. Vanessa Sturgeon, CEO of the Portland-based company, has yielded to an unforgiving market for office space and redesigned plans for its proposed eight-sto…

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Daily Journal of Commerce broke the news in on Friday, April 4, 2025.
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