Quartz 4

Cully Green

2 min read

Cully Green

What It Is

A 23-home cohousing community in Portland, OR developed by Orange Splot LLC (Eli Spevak). Built on three lots totaling ~1.5 acres, designed around a mature fir tree grove. Completed 2020.

A mix of duplexes and triplexes at varying scales and affordability, with 3 of 23 homes permanently affordable through partnership with Proud Ground (Portland’s CLT).

Why It’s a Reference Model

Cully Green demonstrated that cottage cluster + CLT partnership is achievable at small scale without requiring the developer to be a nonprofit. Orange Splot used “voluntary inclusionary zoning” — committing at least $50,000/unit from project profits to make 3 homes permanently affordable to first-time buyers at 80% AMI.

It also broke the assumption that an apartment building was the necessary form for the CLT project. Seeing Cully Green shifted the model toward detached/attached cottages on shared land.

What Works

  • Individual ownership on shared land — each home is owned as a condo; community shares significant amenities. Maps naturally to CLT ground lease structure.
  • Shared amenities without luxury costs — campfire area near fir grove, sauna, common building with kitchen, laundry, food processing space. Community-building features, not luxury finishes.
  • Lower capital barrier — small structures built incrementally rather than one large building requiring $50M upfront.
  • Scaled affordability — proves CLT partnership is achievable even when only a portion of units are restricted.

What Doesn’t Fully Transfer

  • Only 3 of 23 homes are CLT-restricted. The CLT project aims for the entire development to be non-market.
  • Scale is small (23 homes on 1.5 acres). The CLT model targets 96-100 units on 10 acres — a fundamentally different development challenge.
  • Funded partly by profit from market-rate units. The CLT model needs a different capital stack.

The Voluntary Inclusionary Zoning Model

Spevak’s mechanism: recruit mission-aligned investors willing to accept below-market returns (5-6% vs. 10%+ hard money) in exchange for the developer’s affordability commitment. This is a template for the CLT project’s patient capital strategy.

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