Olive Lofts is a $5.4 million redevelopment project located at 844 Olive Street, the former site of Rogue Brewery that has been vacant since 2014. The project will be 5 stories, with 4 new floors of housing over the existing ground floor. Altogether, there will be 36 housing units and a ground floor commercial space. By redeveloping a currently vacant building, into a dense, mixed use development, Olive Lofts will make a significant contribution to Eugene’s downtown vibrancy and the community’s goal of adding more housing to our city center.
Granite Properties, the local developer, estimates that 80% of the construction contracts will stay with Lane County businesses. Granite Properties expects construction to begin early next year with completion in 2018.
Olive Lofts is the first approved project for the new Multi-Unit Property Tax Exemption (MUPTE) program. Council extensively revised the MUPTE program in 2015 after a 2 ½ year review. The updated program includes new public benefit requirements, made student housing ineligible for the tax exemption, and added a community member review panel, as well as a review by an independent financial consultant. More information about the new program requirements can be found here. MUPTE is an important implementation tool for achieving Envision Eugene's goal to create 1,000 new residential units in downtown Eugene.