The Rich Building
IHI has acquired the historic Rich Building and will be renovating it to create 34 studio units in Portland's Old Town. The Rich was built in 1905 as a railroad hotel and has housed many people over the decades. Unfortunately, it has been vacant for the past several years and fallen into a state of disrepair. IHI acquired this diamond in the rough in October 2011 and plans to create 34 studios that blend an edgy modern aesthetic with cool historic elements to create much-needed workforce housing in Old Town. We are going to punch the light well through to the ground floor, creating an interior courtyard that will provide outdoor space for residents, access to new ground floor residential units, and outside dining for a new restaurant in one of four revitalized commercial storefronts. IHI is doing this project without any public funding, which gives us maximum flexibility in design and use, and also preserves scarce affordable housing resources.