Bids are in for 26 acres of vacant space known as Siskiyou Square, one of the largest infill development properties available for sale in Portland.
Bids are in for 26 acres of vacant space known as Siskiyou Square, one of the largest infill development properties for sale in Portland.
The 82nd Avenue property is located near Madison High School, and like much of 82nd Ave., it presents both opportunities and challenges.
Sealed auction bids were due 5 p.m. Wednesday and will take time to process. Minimum of $4.6 million for the entire 26 acres; less if you wanted to bid on one of the two parcels. When it was on the open market, the most recent asking price for the entire property was $7.2 million.
The [auction house] catalog also said bidders would have access to environmental reports, including data from the methane monitoring and extraction system on the property ordered by the Oregon Department of Environmental Quality. Realty Marketing President John Rosenthal was fairly certain the property would attract bidders. Mike Hashem, who’s owned it since 1998, says the right combination of political will and neighborhood support could make Siskiyou Square hum.
Walmart was interested in the site a few years ago, but opposition from Madison South Neighborhood Association and the city harpooned that idea. Hashem still believes the property needs a big commercial tenant, an anchor — Fred Meyer, Target, Lowe’s, Home Depot or, sure, Walmart. Then you could cluster smaller businesses with it.
“It’s all doable when people are hopeful,” Hashem says. “When people want to fight you, they can screw up anything.
Read more at OregonLive.com.
{biztweet}sisikyou square{/biztweet}
