$100M 'Round at Beaverton' Ready for Restart

BEAVERTON, OR-It appears the City of Beaverton will finally get its new Downtown. With everybody’s attorneys satisfied, the City of Beaverton has closed on the $2.3-million sale of a long-stalled office, retail and residential project that stands partially-built and rust-colored around a Downtown light rail station.

The City and major creditor Enron Microclimates forced the project’s previous developer into bankruptcy in 1999, two years after the project began, because the developer ran out of money and was unable to secure construction financing. In July 2001, shortly after the City and Enron gained control of the property in court, they accepted a $2.3-million buyout offer from Dorn-Platz of Glendale, Calif., whichplans to complete the estimated $80- to $100-million project.

Nine months, six extensions and one financier later, the deal is done. Linda Adlard, the city’s chief of staff, now says that within four years the completed development will include about 375,000 sf of commercial space, 100,000 sf of retail, 260 apartment units and a parking structure of between four and seven stories with ground-floor retail and top-floor condominiums. Work is expected to resume next week. McCarthy Building of St. Louis is the general contractor.