A massive development project

now has a name: Hassalo on Eighth.

Work has been underway for weeks but San Diego-based developer

held a groundbreaking ceremony on Tuesday and revealed new details of the project, designed by

.

The three new buildings, targeting LEED Platinum certification, will function as an eco-district, in which multiple buildings in the same development share certain environmentally friendly features to be more efficient. Among other things, the new residential buildings will recycle and reuse all of their wastewater.

“For a company not based in Portland, AAT has certainly embraced the Portland way,” said Portland Development Commission chairman Scott Andrews.

The firm will also renovate the Lloyd 700 Building office tower, which sits on the same block as the new development.

The branding, developed by Portland's

, refers to the two Northeast Portland streets that are currently interrupted by the oversized Lloyd "Superblocks." Northeast Eighth Avenue would be restored as a pedestrian walkway, while Northeast Hassalo Street would be accessible to cars.

The project further cements American Assets’ place as a major player in Portland commercial real estate. The real estate investment trust first arrived in Portland in 2011, when it bought its portfolio of three Lloyd District buildings. It later purchased the First & Main tower in Downtown Portland.

"We're very excited about what we're going to accomplish for our community, because this is our community now," said American Assets Trust chairman Ernest Rady. "This will make our total investment in the Portland area almost half a billion dollars, and that’s real money."

-- Elliot Njus

This post has been updated to reflect the following correction:

American Assets Trust chairman Ernest Rady said the company's investment in Portland is almost half a billion dollars. An earlier version incorrectly quoted Rady and misstated the amount.