SW Broadway downtown was a one-way street until it reached Columbia Street in 1950 (here looking north). South of here Broadway was still two-way. A little more discussion about changing to a one-way grid is here in this earlier post.
The New Heathman Hotel, at SW Broadway and Salmon, presented a much more commercial face to passersby in 1948 than it does today. Most of the windows along the Salmon Street side are closed over now, and the cluttered drug store is now the slick Heathman bar and the hotel entrance. Only one tower remains on the First Congregational Church on the next block south.
A lot has changed in Portland since 1935 but this view north on SW Broadway from Madison Street has enough landmarks to make it recognizable today. The most notable changes are the Portland Center for the Performing Arts building now on the left, and the 1000 Broadway building that replaced the Broadway Theater on the right.