Under the previous agreement, the buyer was to close by June 30, 2002.The changes give the buyer until June 30, 2003, to complete the purchase, and also clarify the Port's responsibility for investigating and cleaning up contaminated soils on the site.
The buyer is Riverscape LLC, an Oregon company whose managing member is Tiger Properties LLC, which is comprised Portland's Thomas Kemper and Seattle-based investors Stan Harrelson and John Goodman. The Port says it and Riverscape jointly determined the original time frame would likely be too short to obtain state environmental approvals and remove contaminated soils from the property.
Riverscape's high-density, urban residential concept calls for constructing more than 770 new housing units, including approximately 175 rental units for moderate income seniors and families. Additionally, it proposes 175,000 square feet of ground floor retail and office space in the mid-rise structures, which are slated to be from three to nine stories tall. The concrete dock structure on the north end of the property will be retained for open, public space.
Under the revised agreement with Riverscape, the property will now close in three distinct phases, with each phase relating to a particular portion of the site. According to Bill Bach, the Port's property and development services senior manager, the amendments allow environmental cleanup to be better coordinated with the development the buyer proposes on the property.
"Phasing and extending the time frame for this agreement reaffirms the Port's commitment to investigate and address turn-of-the-century-era underground contamination at Terminal 1," said Bach. "We believe these changes to the Terminal 1 South purchase and sale agreement will allow this important property to proceed toward development, consistent with community goals."
Since approval of the original purchase and sale agreement more than a year ago, Riverscape LLC has added Ralston Investments Inc. as managing partner. The general contractor is Portland-based R&H Construction Inc. Seattle's GGLO will serve as the project's architect.
The Port's 1910-era marine terminal was declared obsolete for marine cargo use in 1986 and rezoned for residential and light commercial use (Central City – RXdg) in 1995. The Port's property and development services division manages seven corporate and industrial parks, as well as certain other properties, such as Terminal 1, that aren't directly related to the Port's marine and aviation operations.
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