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Venerable, City Looking to Bring UofO Campus to Old Town

PORTLAND-Venerable Properties wants to acquire and renovate three adjacent vacant buildings in Old Town that would be anchored by the University of Oregon's satellite campus. The city is considering substantial public assistance because the project would help reinvigorate the area.

By Brian K. Miller | Updated on January 25, 2006

PORTLAND-The University of Oregon is looking to relocate its Downtown outpost here and Venerable Properties wants to bring it to Old Town, a move that would support government efforts to revitalize the area. The locally based developer has tied up three adjacent and long-vacant buildings in the same block with plans to renovate them into a unified 125,000-sf office development that would be anchored by the University of Oregon’s Architecture & Allied Arts satellite campus.

For the estimated $31.6-million project to be successful, however, Venerable principal Art DeMuro tells GlobeSt.com he will need public assistance. To that end, the developer is requesting a reservation of a Portland New Markets Fund I LLC New Markets Tax Credit allocation of up to $19 million, which would result in approximately $4 million of funds to the project.

The request is in addition to applications for a $2.5-million seismic loan and $125,000 in façade improvement grants from the Portland Development Commission. Venerable’s preliminary pro forma also shows the project would attract another $5 million in additional funds through the sale of historic and business energy tax credits.

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