The plan is to turn the area into a new neighborhood providing jobs for 10,000 people, homes for 3,000 people and lots of supporting retail development. The area's anchor will be Oregon Health Sciences University, the region's largest employer, which will expand onto the waterfront from its landlocked location atop nearby Marquam Hill.

To help make it happen, the City Council expects to spend a total of $70 million over the next several years in support of the effort. Most recently, it put up $150,000 in support of an international design competition for the aerial tram that will connect OHSU's riverfront expansion to its hilltop headquarters and hospital. An extension of the city's streetcar will connect the area to the Downtown core, Portland State University and the Pearl District.

In September, OHSU moved closer to its planned expansion by acquiring 18 acres in North Macadam in partnership with developer Homer Williams. The purchase option for the property was originally held by Williams, Gerding Edlen Development and Opus Northwest, but Gerding Edlen and Opus signed over their purchase rights at OHSU's request, and will no doubt be rewarded with North Macadam development assignments.