Homebuilder To Buy PDC Owned Lot For 415 Thousand

Dated: October 13 2015

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A Portland construction company that focuses on single-family infill construction is looking to buy a city-owned parcel in Northeast Portland for its main office.


Geza Development LLC, a company registered by Meron Alemseghed, plans to purchase a 16,800-square-foot parcel at 6931 N.E. Martin Luther King Jr. Blvd. from the Portland Development Commission for $415,000. The company, which has nine full-time employees, plans to relocate its residential construction business to the site.


According to information from PDC about the deal, the property was once home to C&M Motors BMW & Mercedes Benz LLC. That company had applied to PDC for financial assistance to buy and renovate the property, which had been owned by Multnomah County.


In 2010,when C&W Motors couldn't keep up its end of the bargain, PDC negotiated a payoff with the county and accepted a deed for the property in return for writing off the borrower's $416,430 loan balance.


PDC put the land on the market this spring and received three offers, ranging from $250,000 to $375,000. PDC selected Geza's offer and then negotiated a purchase price of $415,000. The agency noted that selling to Geza helps meet the goals of PDC's 2015-2020 Strategic Plan to foster new businesses and real estate ownership in low-income neighborhoods.


As part of the deal, Geza would not be able to build market rate housing on the site for five years, a condition aimed at promoting a "job-oriented use" on the site. After the five-year period, however, other commercial and residential uses could be considered.


A search of city building and demolition permits found that Geza received a demolition permit for a home at 2902 N. Hillock St. in the Kenton neighborhood last November. The company planned to tear down the home and replace it with a single family home. Geza was also issued a permit of demolish a single-family home at 1630 N. Holman St. earlier this year.


PDC will consider the property transaction at its regular meeting tomorrow.



PDC will decide tomorrow whether or not to sell a parcel of land in Northeast Portland to residential construction firm Geza Development LLC.


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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

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