Panattoni Ahead of Schedule on Riverside Parkway Corporate Center

PORTLAND-Panattoni Development Company is ahead of schedule on the development of Riverside Parkway Corporate Center, a 38.85-acre parcel of in the Airport Way Urban Renewal Area that the Portland Development Commission acquired in early 2002 for $7.2 million in an effort to create jobs.

Panattoni originally had the option to buy the property from the Spada family, but instead transferred the option to the PDC in exchange for the exclusive right to acquire and develop the property for businesses. This meets the city’s Quality Jobs Program–primarily manufacturing firms who pay an average wage of 200% of Oregon’s minimum wage and develop to 800 sf per person or less.

The agreement calls for Panattoni to take down five acres every 18 months and 20 acres over the first five years of the agreement once infrastructure improvements are complete. PDC Project Manager Rachel Lewitt tells GlobeSt.com that the PDC’s $1.77 million in improvements are winding up, and the clock is about to start.