Eugene Approves 22-Story Tower Adding 280 Apartments by 2029

The Eugene City Council voted 6-1 on July 7 to approve construction of a 22-story apartment tower at the corner of 8th Avenue and Willamette Street in downtown Eugene.

The vote follows months of review by the city’s Planning Division and comes while the local vacancy rate sits at 3.1 percent according to the most recent Lane County housing report.

Market pressure points

Developers from Pacific Northwest Properties plan to break ground in October on the $68 million building, which will include 45 income-restricted units tied to the city’s Affordable Housing Incentive Program. The site lies three blocks from the Hult Center for the Performing Arts and one block from the EmX bus rapid-transit stop at 8th and Oak. City records show the parcel last sold in 2023 for $4.2 million.

Rents in the immediate downtown core averaged $2,050 a month for a one-bedroom unit in the second quarter, up $140 from the same period last year, data from the Eugene-Springfield Multiple Listing Service indicate. The new tower is projected to lease units at $1,875 to $2,650 depending on size and floor level.

Timeline and next steps

Construction is scheduled to finish in the third quarter of 2029. Leasing offices will open in early 2029, with priority given to current downtown residents who must relocate during nearby streetscape work on Willamette Street. Prospective tenants can register interest through the developer’s website beginning August 15.

Local real-estate agents expect the added supply to slow rent growth in the Whiteaker neighborhood by roughly two percentage points over the following two years. Homeowners within two blocks of the site received notice last week that property-tax assessments will be reviewed in 2027 to reflect the new construction.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.