NE MLK and Graham, Part 1

All sorts of development has happened over the past few years in the neighborhood where I work. It sometimes seems to be on the verge of becoming another cute Portland gentrification.
Part one of the story of the intersection of NE Martin Luther King Jr. Blvd. and Graham is about a bank building built in 1955.

The building has been empty for a long time. The main feature of the building was a mural above the bus stop.

The picture tells the story. Worth checking out at a higher resolution.

As you can see, somebody has big plans for this space. Thanks to the magic of Portland Maps and other internet resources, I know that the building was valued at just under $1.2 million, but sold for $2.2 million. What did they get? 6000 square feet on the main level on just over half an acre of land.

One of the owners isn't new to the neighborhood, they recently renovated the former county coroner's office into a dermatology clinic on the same block.

view from the Nike Factory Store

I'm not 100% sure, but I believe the new banner advertising potential boutiques and a boulangerie arrived shortly before the tags (now painted grey.)

SE 28th and Pine

One thing I think about a lot is the development I see in Portland. New construction and rehabilitations in Portland seem to be trending towards density and ownership, which reflects the increased value of property and the increasing population (a million new people in the region in 25 years.)

This building is a small apartment complex that was remade into condominiums. The sign says the "5 Luxury Condos" cost between $229K and $299K, 2 bedrooms, 1 bath.

The prices are about right for a condo in this area. I couldn't find enough information on this property to give an accurate cost for square foot. For $350K you could buy a single-family home in the same neighborhood. That's where I get confused.