Search
 

GlobeSt.com UPDATE: City, Naito Settle Block 8 Condemnation

PORTLAND-The city will pay H. Naito Corp. about $5.4 million for the Import Plaza block in Old Town that will become a new fire station, clearing the way for the redevelopment of Ankeny Plaza, home of the existing fire station.

By Brian K. Miller | Updated on January 18, 2005

PORTLAND-The City of Portland and H. Naito Corp. have agreed on a price for the Import Plaza block in Old Town that will be redevelopers with a new fire station, clearing the way for the redevelopment of Ankeny Plaza, home of the existing fire station. The city will pay H. Naito about $5.4 million for the property, according to the stipulated condemnation settlement.The property is a full block bounded by Northwest 1st Avenue, Naito Parkway and Couch and Davis streets. The city’s urban renewal agency the Portland Development Commission filed a condemnation lawsuit on Oct. 11, after 11 months of negotiation.The existing fire station at 55 Southwest Ash is part of Ankeny Plaza, which is slated for redevelopment. PDC officials have said the new station and new Ankeny Plaza will spur others to redevelop their properties, generating some $500 million in private investment and significantly increasing property values. Without the new projects, they say the area could remain run down for another generation.The new fire station will double as fire department headquarters and also will include a learning center and a fire museum. Construction for the new station is slated to begin in mid-2007. Planning for redevelopment of the Ankeny Plaza/Skidmore Fountain/Burnside Bridge area is expected to get under way this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.