The Portland Development Commission (PDC) this week the execution of a Disposition and Development Agreement with the Lents Town Center Plaza LLC and the Lents 2000 Limited Partnership to develop a mixed-use project on 2.5 acres at 90th and Foster.
The PDC is selling the property for $746,610, and will provide financing for the purchase. The property will be transferred to the LLC at close of commercial construction financing, after all the necessary permits are in place.
As currently proposed, the project will be include 23,310 square feet of ground floor retail, 8,470 square feet of second story office, 5 townhouses and 25 rental units. The site will also feature a 5,000 square foot public plaza as well as parking for both residential and commercial users. Construction on the site could begin as early as January 2001.
The project helps achieve a number of goals laid out in the Lents Town Center Urban Renewal Plan including: new commercial space, pedestrian and streetscape improvements, affordable housing that supports commercial revitalization and a new image and identity for the Lents Business District.
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