Building Salem is a twice-monthly feature from Salem Reporter intended to highlight planned building projects around the city. Is there a building going up or demolition underway you’re curious about? Let us know by emailing [email protected].
Name: Laike Plaza
Project type: New construction, commercial and residential
Location: 120 Hrubetz Rd. S.E. (off South Liberty Road, Faye Wright neighborhood)
Estimated completion: August 2024 for apartments, restaurants open
Cost: $11 million
Units: 26 apartments
The need: Developer Jim Iverson, a longtime neighborhood resident, bought the 1.5 acre lot six years ago with the aim of building a mix of food, retail and housing. The lot formerly held vacant, deteriorating homes and retail, and “needed some love,” Iverson said.
Description: Local sushi giant Momiji and Tony’s Taco Shop have new locations at Laike Plaza, and Iverson said he’s happy to see family-owned Salem restaurants coming into the neighborhood.
The two new restaurants are already open on the north side of the property off South Liberty Road, with an apartment building and third retail building slated for completion soon.
The plaza’s name is a combination of the initials of Iverson’s five children. He wanted “something heartfelt” to christen the project.
Set back from the street is an apartment building that’s largely complete, which will have retail on the ground floor. Iverson hopes to finish construction and begin leasing in August.
A third building on the south side of the property off Liberty Road is still under construction.
Leases are still being negotiated, but the property could accommodate three to five additional retail tenants, said Pam Rushing, broker with Coldwell Baker Commercial Mountain West, who’s managing leasing.
Iverson said he’s grateful for the support the neighborhood has shown the development.
“We needed some new life,” he said.
Contact reporter Rachel Alexander: [email protected] or 503-575-1241.
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Rachel Alexander is Salem Reporter’s managing editor. She joined Salem Reporter when it was founded in 2018 and covers city news, education, nonprofits and a little bit of everything else. She’s been a journalist in Oregon and Washington for a decade. Outside of work, she’s a skater and board member with Salem’s Cherry City Roller Derby and can often be found with her nose buried in a book.
