City Preparing for $100M Redevelopment Near PSU

PORTLAND-The Portland Development Commission is gearing up to redevelop three blocks on the south end of Downtown, near Portland State University.

The city’s urban renewal agency on Wednesday is expected to approve a resolution directing staff to fill out its property holdings in the area by acquiring — by condemnation, if necessary — the Jasmine Tree restaurant, the Harrison Court Apartments and the Value Inn motel on Southwest Montgomery and Harrison streets between 4th and 5th avenues. The properties have an assessed value of $3.19 million but, strategically, they become much more valuable.

When combined with existing ownership, the acquisitions would give the PDC the better part of three contiguous blocks that it says have the potential to add 850,000 sf of new development–423 housing units, 31,000 sf of retail and 150,000 sf of office–at a combined public and private investment of about $125 million.