The commission voted last week to authorize the purchase after determining that there were no environmental problems with the site. The seller is Eflow Investment Trust. Urban renewal manager Rebecca Ocken tells GlobeSt.com the sale is expected to close by Nov. 15.
In addition to being the first purchase in the urban renewal area, Ocken says the property is also the largest redevelopment parcel in the Rockwood Town Center area. Surrounding the site are a variety of uses, including single family homes, apartments, a lumber yard and other commercial uses, as well as other vacant parcels.
"We are going to take on a planning process that will last three- to six months," she says. "After that, we will have a firm idea of how we will proceed."
Most envisions a mix of uses on the site in buildings at least two stories high. One proposal calls for more than 300,000 sf of mixed-use development, says Ocken. "The views of Mount Hood from the roof of the Fred Meyer are spectacular," she says.
This being its first project in the Rockwood-West Gresham URA, Ocken says the city does not yet have any tax increment financing revenue with which to effect the acquisition. Instead, the city is using a loan from Key Bank.
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