The property is as well located as it is daunting; a deep hole that presents myriad engineering and design challenges, but one next to a major freeway and within 10 miles of Lake Oswego, Tigard, West Linn, Wilsonville, Beaverton and Portland, cities with some of the best consumer demographics in the state.
The duo originally hoped to have their plans approved and acquire the property from Washington County by January 2002 and then break ground on a year's worth of site work that spring en route to beginning the retail portion of the estimated $150-million development this year. Instead, they are still working through the county's permitting process.
Opus Northwest's Senior Director for Real Estate Development Bruce Wood tells GlobeSt.com they are finalizing their due diligence and the architectural review submittal and hope to have them into the county by April. "We anticipate we will be ready to move forward this summer," Wood says.
Among other issues that have slowed the process, Wood says methane was encountered on the site and the parking is still being finalized. Original parking plans were to fill the pit with a 3,000-slip underground parking lot and put the buildings on top of that. "We're still working on a parking scheme," says Wood. "We're still refining the site plan."
What has been decided is the style of retail buildings that will be built and who will operate the planned 18-screen movie theater. The plan is for 40-foot-tall buildings wherein mezzanines could be added. A retailer that leases the space could either have 40-foot ceilings or add a second level mezzanine for more retail space, storage or offices. As well, says Wood, a second level space could be leased out to a restaurant that would be accessed through a ground-level storefront.
The general plan is for Center Oak Properties to develop about 300,000 sf of retail first and then develop 270,000 sf of office space. The plan for the office space is currently for one five-story building and one three-story building, with more to be built based on demand. At build out, the quarry could hold well over 800,000 sf of buildings.
Opus and Center Oak have not yet revealed any negotiations with prospective tenants, but Regal Entertainment Group said last week that it is planning to be part of the development. The Knoxville, Tenn.-based company said it expects to develop an 18-screen, 81,000-sf movie house at Bridgeport Village that will include a new "Giant Screen" auditorium for 70mm films.
Other retailers said to be interested in the project include retailers like Crate & Barrel and restaurant chains like The Cheesecake Factory. A grocery store with a significant organic component, such as Nature's Northwest or New Seasons or Whole Foods, is also likely being sought for the project.
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