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Bank Buying Site Near Convention Center

PORTLAND-Eugene-based Pacific Continental Bank ties up a 22,000-sf lot here with a 5,000-sf building on it. If the deal closes as expected, the site will become the bank's fourth branch office in the metropolitan area.

By Brian K. Miller | Updated on January 04, 2005

PORTLAND-The holding company for Eugene-based Pacific Continental Bank is purchasing a 22,000-sf lot near the Oregon Convention Center. The site holds a 5,000-sf building that the commercial bank plans to transform into its fourth branch office in the metropolitan area. The bank isn’t yet revealing which property it has tied up, but is saying that it is located “very near” the OCC and is accessible from both Martin Luther King Boulevard and Grand Avenue, the two main north-south thoroughfares on the east side of the Willamette River. The bank’s director of Portland operations Daniel Hempy tells GlobeSt.com that the purchase is contingent upon site plan approval for its new branch, which includes a drive-thru teller lane.The bank expects the financial closing for the real estate to take place on or before March 2, 2005. The branch is tentatively scheduled to open sometime this summer. The bank says its total capital investment in the location will be $2.5 million. “The convention center district is one of several metropolitan Portland locations that we have identified to help achieve our growth objectives,” says Hempy. “In addition to the many existing medical, professional, and community-based businesses, the Central East Portland neighborhood is undergoing considerable renovation and renewal that will provide many opportunities for Pacific Continental.”The new branch would be the bank’s first new location in the metro area since it opened a full-service branch in the KOIN Center office building Downtown in 2003.

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