Portland-based developers Wood Partners and Hoyt Street Properties have announced an agreement to pursue development of a 21-story apartment tower on the west side of downtown Portland’s Pearl District. Hoyt Street is the District's biggest landholder.

The Boora Architects-designed project would cost about $80 million to build and include 250 market-rate units. Construction is slated to begin next fall, according to GlobeSt.

Hoyt Street created the master plan for the neighborhood and has already completed several mixed-use projects in the Pearl District.

The firm is also submitting plans for a condominium tower that could reach up to 30 stories, according to the Portland Business Journal.