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PDC Set to Take Action on Development Agreement for South Waterfront Central District Project

PORTLAND-The project to develop 31 acres in the heart of the South Waterfront Plan area, part of the North Macadam Urban Renewal Area, would turn a blighted and vacant industrial site which has become a brownfield, into housing units, a research building, a hotel/conference facility, plus a parking garage, park and greenway.

By Joel Cone | Updated on June 30, 2003

PORTLAND-Now that the full development agreement has been posted on the Internet, and public comment is coming in, the Portland Development Commission is set to meet on July 9 to take action on development of the South Waterfront Central District. The City Council is expected to take action on the proposed plan the next day.

In a public/private partnership between the PDC, Oregon Health & Science University (OHSU), North Macadam Investors, River Campus Investors LLC and Block 39 LLC, the projected cost to develop the project, known as Phase 1 of the overall North Macadam Urban Renewal project, is around $1.3 billion at a leverage ratio of 1:6.5 public to private investment. Projected investment for the public projects portion financed by public and private sources is $103 million, $71.9 million coming from public sources. Private development is expected to total $440 million.

The 31-acre parcel is part of the 130 acres within the South Waterfront Plan Area which itself is a portion of the total 409 acres covered by North Macadam URA just south of downtown in the Central City extending 1.2 miles along the west bank of the Willamette River.

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