The PDC plans to pay $800,000 for the property at the corner Northeast 99th and Pacific Street and then recruit a private developer to build a mixed-use project on the property. As that happens over the next 24 months, the PDC hopes to encourage redevelopment of the other three corners of the intersection -- a Fred Meyer parking lot, an Elks Lodge parking lot and a vacant lot owned by the Gilbert Brothers development company.

Tri-Met, the regional transportation agency, will spend the $800,000 it gains in the transaction to build more parking along the light rail line at Southeast 122nd Avenue. Eventually, it is envisioned that the surface parking lots at the popular Gateway Transit Center will be replaced with multi-story parking garages above ground floor retail space.