Portland plans to redesign a dozen blocks in the Peal District after the main post office is moved to a field near the airport. The property costs double its worth.
The land, 5 ½ miles from the Pearl, has an estimated value of $17 million to $20 million. But the city has agreed to pay way more: $34.7 million.
City leaders could save taxpayers millions of dollars by condemning the property and paying fair market value. But officials say condemnation – essentially seizing the property – is politically impractical. Instead, they have agreed to pay a massive premium to secure the rare 47-acre parcel of undeveloped industrial land.
If the deal moves forward, a Texas-based development company stands to make a huge profit. Trammell Crow bought the industrial site in 2014. The parcel was once part of the former Colwood National Golf Course but had been rezoned to allow for business development.
(READ MORE: Oregon Live)