Panattoni, PDC Team to Develop Art Spada's Property

PORTLAND-Hoping to increase job density in the Airport Urban Renewal Area, the Portland Development Commission has struck a deal with Art Spada and Panattoni Development Co. to acquire 38.85 acres from Spada that Panattoni tied up several weeks ago. In exchange for Panattoni voiding its purchase option for the land and letting the PDC step into the mix, Panattoni will hold the option to purchase the land in stages from the PDC for development under the agency’s Quality Jobs Program.

The PDC’s Quality Jobs Program is open primarily to manufacturing firms paying an average wage that is 200% of Oregon’s minimum wage and employ no less than one person for every 800 sf of space they will operate in. Companies who agree to meet the standards can receive up to a $300,000 loan for permanent improvements to its facilities. Moreover, if the company meets or beats the standards, it will see the loan converted to a grant.

Under the agreement announced this morning, the PDC will purchase the property for no more than $7.21 million and make various improvements, including widening of 185th Avenue, building a cul-de-sac and installing a water quality stormwater facility. The PDC would then sell off pieces of the land to Panattoni–at a pace of no less than five acres every 18 months–which would in turn develop, lease or sell the land only to companies who meet Quality Jobs Program standards.