In October, Melvin Mark Cos. CEO Jim Mark confirmed that his company was in negotiations with the national drug store chain Walgreen's to take the two-level space at fifth and Taylor being marketed at $45 per sf for the upper level and $18 per sf for the lower level. Melvin Mark Properties President Scott Andrews tells GlobeSt.com negotiations are ongoing with the Illinois-based retailer, which said last fall it would launch 475 new stores across the nation before the end of summer 2002.
Just in case, however, Andrews says he is also responding to other offers. "We're still working with them," says Andrews," but we've also had inquiries from other national retailers interested in the space."
The 329-room expansion of the Hilton hotel--the new tower will be diagonally across the street from the existing hotel--will make the asset the largest hotel in Portland with a total of 800 rooms. The lower floors of the new building will be a multilevel 680-parking-space garage enclosed in glass and owned by Melvin Mark.
The would-be Walgreen's space is the only retail Melvin Mark controls. Hilton is planning to put an Italian restaurant in its retail space. Andrews said someone like Walgreen's stands to pick up a lot of workers Downtown who are looking for an alternative to the aging Rite Aid location a few blocks away.
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