The Central at Wake Robin
New affordable housing project planned in South Corvallis...
Photo credit: The Corvallis Inquirer
CORVALLIS, Ore. — In a unanimous decision last week, the Corvallis City Council voted to back a property tax exemption for a major new affordable housing project planned in South Corvallis. The move aims to jump-start construction of 168 income-restricted apartment units by making the development financially feasible for the builder.
The proposed complex, The Central at Wake Robin, would be developed on approximately 5.9 acres of former industrial land, which is slated for demolition ahead of the new construction. The $57.3 million project includes five three-story buildings with a mix of one-, two-, and three-bedroom apartments.
Under the plan, a significant portion of the units would be affordable to households at various levels of the area median income.
55 units designated for households at or below 50 % of area median income, with rents about 44.8 % below market rate.
58 units for households at or below 60 % of area median income, with rents about 30 % below market.
55 units for households at or below 70 % of area median income, with rents approximately 16.7 % below the market rate.
These affordability thresholds were confirmed by ECONorthwest, an economic consulting firm that analyzed the project for the City.
Council members voted to approve a letter of support for a full property tax exemption.
City Finance Director James Inglis told the Council that the exemption would have minimal impact on the current city budget, but would reduce property tax revenues across all taxing jurisdictions by an estimated $11,876 annually for 15 years with a 3 % yearly increase.
The site is currently a long-vacant industrial property.
The developer behind the project, Annex Group of South Corvallis, also developed the nearby Union at Pacific Highway affordable housing complex, which added 174 income-restricted units to the local housing supply.
Corvallis has been exploring multiple tools to encourage the development of housing in the face of rising rents and limited supply. The City’s property tax exemption programs, including the Multi-Unit Property Tax Exemption (MUPTE) and other incentives, are part of an effort to make more housing affordable and feasible to build in areas where market dynamics alone are not encouraging new construction.
More info on MUPTE: here
— The Corvallis Inquirer, Feb. 26, 2026
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