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Homebuilder To Buy PDC Owned Lot For 415 Thousand
Dated: October 13 2015
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… more
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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