Anyone driving through downtown Hillsboro, Oregon, in the last two years has probably had the same question on their mind. What the heck is that huge building going up on the corner of 4th and Main Street? By now, we know that the building is the home of Merrill Gardens, a 140-unit plus Senior living community. We expect this project to change downtown Hillsboro forever with a vibrant new energy that comes from bringing new citizens where hard-working businesses are waiting to support them. The 7-story midrise will feature amenities like patios, fitness centers, a rooftop deck, a bistro and pub, parking, a movie theater, and every other amenity anyone could want.
Merrill Gardens In Hillsboro, Oregon, will open for Senior living and retail space tenants in 2024– Photo Courtesy of Baldwin-Hayden Company
We have previously covered this story- in one of them predicting that this new structure on 4th and Main and the Main Street Commons project on 2nd and Main would alter the fortunes of Hillsboro’s old historic business district, which has had mixed economic success in years past.
Hillsboro’s Changing Downtown Brings New Offerings To Blend With Legacy Businesses
Retail Space Is now being offered on the main floor of the new property, and this could be a perfect spot for anyone wanting to join the new energy that is happening. Two spaces of about 1,500 SF each are available, or the entire space can be rented. The lease rates will reflect the location and amenities of the property and push the higher end of what retail space leases for. The new tenants will open with a new set of clients right above them, too!
Local Broker Nick Baldwin had this to offer about the lease opportunities;
There are several fantastic shops and restaurants along the prime retail blocks of Main Street. With this new retail space at Merrill Gardens taking shape, we’re now actively looking for one or two new businesses that will give folks yet another reason to take a stroll on Main Street. An ideal fit would be a great restaurant, retail shop, or service type. We’re excited to see these groups make use of the front patio area and high ceilings with extensive glass lines. They could greatly benefit from catering to all the new residents at Merrill Gardens, not to mention the established foot-traffic.
We have the flexibility to deliver 3,128 SF to a single tenant or split it between two tenants by creating 1,437 SF and 1,691 SF spaces. Our asking rates are $28/SF plus Triple Net. The interior build out can begin as early as August 2024.
It is up to all of us to make our downtown area vibrant and the beating heart of our City. The folks at Merrill Gardens and the new residents they will bring will certainly be a part of that! On a personal note, I want to let everyone know that the Hillsboro Historical Society, which I am the President of, provided some excellent photos of the new facility, which they will proudly display in their lobby. This will welcome newcomers and locals alike with that sense of community, where the past is honored and the future is happening! If you want to help support the Hillsboro Historical Society, you can join us / donate to us here https://www.hillsborohistory.com/join-us .
We look forward to years of partnership with our new friends at Merrill Gardens.
Find out more about living at Merrill Gardens here: https://www.merrillgardens.com/senior-living/or/hillsboro/ne-4th-ave/
Dirk,
Please clarify. We paid a buck, $1.00 per SQ FT for our office on 3rd st> 1100 sq ft. or $1100/, NO triple net.
Nick Baldwin…”Our asking rates are $28/SF plus Triple Net.” Is this annual, $3353/mo OR what?
Thanks!
So $28 is the annual PSF rate – divide by 12 months, and you get $2.33 PSF Per month!