Portland will take control of parcel of land by 2019.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Portland will take control of the parcel of land that used to be a Pearl District post office by 2019.
City officials and the Portland Development Commission discussed what they would like to do with the land Thursday.
Officials also disclosed their preferred development plan, a vision that includes extending the North Park Blocks through the site and flanking the new stretch with a mix of commercial and residential buildings. It would end with a tall building near the Broadway Bridge’s west end.
According to a city analysis, at full build-out, the property could handle 4,000 jobs and 3,100 new residents. An estimated 600 units would be set aside for affordable housing. Draft documents show 1,922 parking spaces, with some 400 shared spaces.
Commissioners described the proposed deal as a “terrific opportunity” for Portland, a phrase that captures statements by city leaders dating back decades.
(SOURCE: OregonLive.com)
The Oregonian reports that the transaction is expected to cost about $80 million.
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