The property fronts Northwest Barnes Road just north of US 26 in a mostly unincorporated area known as Cedar Mill. Local sources familiar with the deal tell GlobeSt.com the option would not be exercised unless Polygon can gain the necessary approvals from the county for a mixed-use development on the property. A Polygon executive could not immediately be reached for comment.
Larry Teufel, president of the 113-year-old nursery operation, tells GlobeSt.com that the 88-acre parcel is what remains after the Beaverton School District's recent condemnation of an 18-acre piece of the property's frontage along Barnes Road. A Washington County Circuit Court jury earlier this year set the price for the property at $5.4 million, a price Teufel describes as "not fair."
Teufel says he is selling the rest of the nursery property because continued operations likely would be restricted given the plans for a new middle school by 2007. Development of the rest of the property also will be several years in the making, as the Teufel family will need time to find an alternate location for its nursery operation, and Polygon will need to time to hold informational meetings and gain the approvals it needs to move forward with anything.
Much of the property is zoned for multifamily under the Cedar Mill Town Center Plan, says Teufel. Polygon VP Fred Gast could not immediately be reached for comment, but local brokers say the company is considering a mix of residential and commercial uses for the property, which would largely mirror its existing surroundings.
Polygon's focus lies on the residential side. The company's Sexton Place, Scholl's Pointe and Fanno Place developments in the Westside cities of Beaverton and Tigard are townhome-style condominium developments. The developments offer a range of product from 1,500-sf three-bedroom units (from $185,000) and 800-sf one-bedroom units (from $124,000), according to the company's website. The company also has developed a single-family home community further out in the City of Hillsboro that has four-bedroom, 1,700-sf homes available for around $200,000. The company also has developed five communities in Washington with a similar mix of product.
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