South Waterfront has zero units of affordable housing in part because the Portland Development Commission prioritized first investing in big projects that were supposed to create jobs and tax revenue in the district, like the John Ross condo tower.

Now that investment is going belly-up. The Portland Business Journal reports that unsold units in the John Ross condo tower, a development which promises its residents green luxury living and (inexplicably) longer lives will head to auction on April 11.

The Oregonian also has a interesting story on how the John Ross was the symbol of Portland's "condo craze," selling 80 percent of its units in five days in 2005. Five years later, the building is only 74 percent sold. And that's after price cuts last year helped move some units. Fifty units will head to auction in April, a closed event which requires a atendees pre-register and bring a $5,000 cashier's check. The John Ross Auction representative directed all further questions to JohnRossAuction.com, a website that does not seem to be up yet.

In closing, here is a quote from the Business Journal article: "At one point, the city projected the new district would contribute 10,000 jobs to the economy. No new building projects have been initiated in more than a year." #fail