Hoyt Street Properties, The Pearl District, Hoyt Yards

While it's difficult to conceive now, abandoned warehouses, long-forgotten industrial sites and blue-collar cafes once dominated the neighborhood we call home. In fact, less than twenty years ago, the Pearl's two main attractions were the landmark Blitz-Weinhard Brewery and Powell's Bookstore, both of which sat on the southernmost edge of the district.

Like all pearls of value, Portland's Pearl took time to develop. The transformation began in the 1980's when the availability of low cost lofts attracted a number of artists to the area. It was the beginning of a major Northwest migration. Soon, adventurous investors began to buy up old warehouses in the district and began converting them into unique living spaces. Art galleries and eateries followed close behind. All the while, the neighborhood was in search of a name.

There are as many legends on the origin of the name "Pearl District" as there are cobblestones on the neighborhood's streets. But one story credits Thomas Augustine, an art gallery owner, for coining the tag. The name was not eagerly embraced at first, but was a clear favorite over others that were suggested, such as the "warehouse district" or the "brewery district."

The Pearl's transformation quickened during the 1990's. The once neglected district had become a popular destination for entertainment, art, culture and fine dining. It had also become an ideal place to live.

Key to its transformation was the development of two significant mixed-use housing projects. The first was in 1994, when Hoyt Street Properties (HSP) acquired the 34-acre Burlington Northern rail yard. With great vision, HSP began a massive $600 million urban redevelopment project. So ambitious was the undertaking that former Mayor Vera Katz referred to the project as "Portland's next great neighborhood." She was clearly clairvoyant.

The second project was initiated in 2000, when local developer Gerding/Edlen purchased the five-block Blitz-Weinhard Brewery. With much fanfare, Gerding/Edlen set out to create the Brewery Blocks," preserving the historical value of the property while creating even more housing and retail opportunities at the south end of the Pearl.

True to its name, the Pearl has become one of Portland's most prized jewels.

The Pearl District, an area once dominated by abandoned warehouses and forgotten industrial sites, has been transformed into one of the most vibrant urban communities in America. Now one of Portland's most sought-after places to live, the Pearl is also a popular destination for entertainment, arts, culture and fine dining.

Combining luxurious living spaces with the convenience of nearby shopping, dining and retail shops, Portland's Pearl District offers neighborhood residents an upscale urban lifestyle that can't be matched.