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GlobeSt.com UPDATE: Ikea Commits to Portland

PORTLAND, OR-Following a year of negotiation, the well-known home furnishings retailer from Sweden reveals its intention to anchor here. Ikea coming on the scene--at Cascade Station, to be specific--will kick start some two million sf of mixed-use development. The land has been primed for $500 million of development since early 2001.

By Brian K. Miller | Updated on October 20, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

PORTLAND, OR-Sweden-based home-furnishings retailer Ikea will anchor Cascade Station, a 120-acre swath of development-ready Port-owned land along the light rail line to Portland International Airport that has been primed for development since early 2001. The commitment comes after a year of negotiation and is expected to kick start two million sf of mixed-use development. Clearly the development’s time has come. The necessary infrastructure–from utilities, tree-lined streets and light-rail stops to sidewalks, grassy knolls and benches–has been in place since the light rail line was completed more than four years ago.

In February, after the city and developers found out about Ikea’s interest in opening a 280,000-sf store in Portland, the development plan for the area was quickly revised to correct a miscalculation regarding the retail component of the master-plan. The original plan–for 400,000 sf of retail in buildings no larger than 60,000 sf–was not successful, in part because it was essentially a neighborhood shopping center concept without a neighborhood due to its proximity to the airport, according to local industry sources.

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