The building site is 2.5 city-owned acres on the southeast corner of Southwest River Parkway and Moody Avenue, just north of the Marquam Bridge. In August of 2001, two-and-a-half years after the first hotel financier walked out during negotiations, the City, Williams and Sondland (the new hotel partner, working with Inter-Continental Hotels) approved a new disposition and development agreement for the project. At that time, the plan was for a 110-room luxury hotel and two other buildings containing 170 condominiums.

According to the DDA, Williams was to pay $3.6 million for the property and then flip the hotel parcel to Sondland for $1.83 million, who would immediately begin a hotel feasibility study to satisfy Inter-Continental. The low purchase price for the property came with strings attached: if the condos cost less than $54.35 million to develop, the city's development commission gets half of any savings. Also, if condominium sales revenue exceeds $64.14 million, the city gets half of that excess sum as well. As for the hotel, the PDC gets half of the estimated $250,000 "opportunity fee" that likely will be paid to Williams by Sondland.

The financials are believed to have stayed largely the same. However, the amended DDA with the City now requires Sondland's consultant to again begin the hotel feasibility study immediately, complete it by the end of June and, if it's acceptable, to execute the property sale agreement with Williams by the end of November. The agreement also calls for the PDC to purchase back the parking component of the project for $1.5 million one-year after the condominiums are complete if the hotel development does not proceed by that time.