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GlobeSt.com UPDATE: Development Agency Issues RFP for Riverplace Parcel

PORTLAND, OR-The 48,645-sf development site sits adjacent to a hotel, an office building, and a condominium tower that is under development. Zoning restricts the Floor Area Ratio to 4:1, but there are ways it could hit 7:1.

By Brian K. Miller | Updated on December 26, 2005

PORTLAND, OR-A maximum 340,500-sf building could rise on one of the last remaining development sites in Riverplace, a riverfront redevelopment area south of Waterfront Park and north of the Marquam Bridge. The city’s urban renewal agency, the Portland Development Commission, has issued a request for proposals to acquire and develop the 1.1-acre site known as Parcel #8, which sits adjacent to a hotel, an office building, a retail esplanade, and a condominium tower that is under development.

Zoning calls for a maximum height of 150 feet and a maximum Floor Area Ratio of 4:1, which means the building can have four times as much floor area as the lot’s square footage, or 195,480 sf. However, the PDC says it may at its discretion, transfer to the site development rights for an additional 3:1 FAR or, if residential is included in the development proposals, the project would be eligible for an FAR bonus of the same amount. Regardless, a 7:1 FAR would allow for a 340,500-sf building.

Development proposals are expected to be distinctive in design, supportive of the pedestrian-oriented nature of the established neighborhood and LEED (Leadership in Energy and Environmental Design) certified, according to the RFP. The site can hold office, residential and up to 40,000 sf of retail space. The PDC says it will not participate financially in the project. The minimum purchase price for this site is $3.17 million, or $65 per sf of site area.

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