http://themeridian.biz/
Driving through Salem on Monday, I noticed a crane going up for this project. Personally, I think it's hideous, but the housing component is really exciting for the downtown area. There are a few other (less fugly) projects proposed, but it looks like this will be the first out of the gate.
With the state considering a study to extend Washington County Commuter Rail to Salem, I think downtown Salem could really become a hot area for redevelopment. It would be a nice alternative to suburbia without having to live in Portland.
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