As such, the city's urban renewal agency this week revised again its disposition and development agreement with Jim Winkler and Bob Naito for the 12-story, 256,000-sf office building and 700-slip parking garage on Naito Parkway, north of the Broadway Bridge.
The city authorized the original DDA in August 2000. By the time the project received design review approval from the city, however, it was July 2001 and the economy was tanking, so the deadline to secure financing and begin construction was pushed back to December 17, 2002. With that deadline now fast approaching and the economy having only worsened, the Portland Development Commission was inclined this week to give the developers, dba 1201 LLC, another 24 months to get the project underway.
Bruce Allen, a senior development manager with the PDC, says the developers have performed in good faith "and have spent far more in time and money than our average developer would to get to this point, and the fact that the office market fell out wasn't their fault."
Winkler and Naito have invested nearly $3 million so far, $1.5 million to purchase the property and another $1.4 million in architectural and engineering fees. The group also has produced marketing materials, including a Web site about the project.
Boora Architects is the project designer and produces the rendering that accompanies this article. Winkler tells GlobeSt.com the building is designed to be "very green and very wired," fit for a tenant that is environmentally attuned and has high-end technology needs. Norris Beggs & Simpson has the leasing assignment. R&H Construction will be the general contractor.
One Waterfront Place is one of several Downtown-area office projects that have yet to secure the prelease commitments necessary to obtain a construction loan. Louis Dreyfus Co. has plans for the block south of KOIN Center. Trammell Crow Co., in partnership with Urban Growth Properties Trust, has plans to develop Two Main at the Downtown end of the Hawthorne Bridge, and Schnitzer Northwest, in partnership with the Goodman family, has plans for the block that currently holds the Governor Building.
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