Seneca and Lakeside Unveil New Partnership
Portland, Oregon – April 22, 2025 — Seneca Development Company(“Seneca”) is pleased to announce a new partnership with Lakeside Investment Group (“Lakeside”) to serve as co-general partners on a two-phase mixed-use development at the prominent intersection of Cesar E. Chavez Boulevard and Division Street in Portland, Oregon. Seneca will lead the partnership and oversee the development of the former Rite Aid site—vacated in September 2023—along with the adjacent parking lot across the street.
The first phase of the project—located on the former Rite Aid site—will bring 120 new residential units and at least three street-level retail spaces to the neighborhood. Construction is set to begin in Q2 2026, with completion targeted for late 2027.
The second phase—currently in design—is planned for the surface parking lot across the street and is expected to include approximately 77 additional residential units along with several ground-floor retail or flexible-use spaces. Together, both phases aim to enhance walkability, increase housing availability, and support the neighborhood’s ongoing growth.
To help address housing needs in this high-demand neighborhood, the project will leverage additional FAR and bonus height allowances, while reserving 10% of its units for residents earning 60% or less of the area median income, in alignment with Portland’s inclusionary housing policy.
About the Development:
Location: Corner of Cesar E. Chavez Boulevard and Division Street, Portland, Oregon
Features: 204+ residential units, 3 retail spaces and secured parking
Timeline:
Phase 1 - Start Q2 2026, Completion Q4 2027
Phase 2 - Start Q3 2026, Completion Q1 2028
Estimated Total Costs: $60 million
“This is a substantial investment in Portland’s future—one that reflects our commitment to long-term livability and growth,” said Michael Hamilton, President of Seneca Development Company. “We’re proud to partner with Lakeside on a project that blends affordability, design excellence, and neighborhood vitality in one of the city’s most dynamic corridors.”
About Seneca Development Company:
Seneca is a vertically integrated real estate investment company based in Portland, Oregon, specializing in multifamily, mixed-use, and senior care development opportunities. Seneca's unified approach delivers exceptional efficiency, cost control, and quality assurance—resulting in thoughtfully developed, high-quality properties.
About Lakeside Investment Group:
Lakeside Investment Group is a private firm located in Oregon’s Willamette Valley, focused on high-quality capital allocation. Specializing in both real estate and the broader business landscape, Lakeside acquires and manages undervalued or underdeveloped assets, enhancing their value through strategic improvements, partnerships, and thoughtful management.