Important News for Owners of Unreinforced Masonry Buildings

Important News for Owners of Unreinforced Masonry Buildings

As you may be aware, the City of Portland is planning to adopt mandatory seismic upgrades for unreinforced masonry (URM) buildings.  

The final meeting of the URM Building Policy Committee is Wednesday, April 19th, from 3-5 PM at CH2M Hill, 2020 SW 4th Ave, Portland, OR 97201.

  • The requirements are intended to protect brick buildings from collapse in the event of an earthquake.
  • The policy will go before the City Council for a vote this summer.
  • Roughly 1,500 properties in Portland will face mandatory reinforcement over the next 10-25 years. You can see whether your building is on the list by clicking here.
  • Seismic upgrades are expensive. Costs are estimated at $50+ per square foot. This plan may pass without any subsidies to help owners pay for these improvements.

Failure to comply with the new ordinance would result in stiff fines and, ultimately, the revocation of a building’s occupancy permit. If you own an URM Building and did not receive our email blast with additional information, please contact our offices at (503) 241-5541 or email service@hfore.com. 

HFO Investment Real Estate specializes in multifamily brokerage sales and advisory services for commercial real estate investors and apartment owners throughout Oregon and Washington. Build your legacy at http://www.hfore.com