The project, a 54-unit mixed-use project at Southeast Foster Road and Southeast 92nd Avenue, will instead be ushered along and ultimately owned by thePortland Development Commission.
Led byHomer Williams, WDA originally conjured up the project in response to a request for interest from PDC in 2014. It ended up beingone of three projects selected by PDC for developmentin the neighborhood. PDC approved a $6.2 million redevelopment loan for the project, and the Portland Housing Bureau has also committed more than $1.1 million to help make 16 of the 54 units affordable housing.
A board report in advance of this Wednesday's PDC meeting notes that public ownership of the project was always expected to be part of the long-term plan.
"It was always anticipated that, at some point, PDC would transfer into an ownership role," said PDC spokesmanShawn Uhlman. "I'm not sure there was ever a set timeline as to when that would be, but basically everyone involved feels that now is a good a time as any."
It's not entirely clear why Williams is handing off the project to PDC. He was not available for comment by the Business Journal's Monday morning deadline. Though Uhlman said he could not speak for Williams, he did say that the developer is very active in a range of markets and has been looking at where best to focus resources.
At the meeting on Wednesday, the PDC board will consider approving the creation of an LLC, which will take over the project. The fundamentals of the project will remain the same, including the members of WDA's original development team, which include Bremik Construction and the architecture firm Hacker.
Uhlman said PDC's ownership of the project is part of the agency's longer-term strategy to broaden its funding mechanisms as its traditional tax increment financing streams begin to dry up in the coming decade or so. In addition, he said having PDC own the project will help ensure that it achieves the goals laid out for revitalization projects in the Lents Five-Year Action Plan.
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 30 years in the industry, Mark has gained experience in ....