Nike Campus Expansion On Track To Pass 150M Satisfy State Tax Deal

Dated: May 27 2015

Views: 826

Nike Inc. has applied for permits for more than $163 million in construction projects at its Washington County campus as part of a giant expansion project, including a $78 million office building.


The total will likely go significantly higher. The sportswear giant hasn't applied for a permit for the largest building it plans to add to its campus.


Either way, Nike appears poised to meet the $150 million threshold it needs to hit as part of a2012 deal it made with state lawmakers in exchange for tax certainty. It already satisfied the jobs part of the deal.


In November, Nike said it planned to add two new buildings and two parking garages to its campus, a project that would add 1.3 million square feet of space to its sprawling suburban campus.

Since January, it's applied for permits for one of the office buildings and both garages:

  • The company was issued a permit for the $78 million Northwoods building, which is expected to be 470,000 square feet according to general contractor Hoffman Construction, this month. That's slightly larger than the 412,000 square feet described in Nike's original planning documents.

  • Nike also received a construction permit for a $42 million parking garage.

  • Nike applied for a construction permit for the second garage, which is valued at $31 million, in April. A permit has not been issued yet.

  • The sportswear giant also has applied for or received permits for nearly $13 million in projects at a former warehouse it recently acquired at the center of its campus, including $7.8 million in tenant improvements.


The Oregonian first reported the permits for the Northwoods building and the first parking garage.


Nike has not applied for a permit for the second building, which is the larger of the two. It's described in planning documents as having 649,000 square feet of office space and 238,000 square feet of auxiliary space. If it costs as much per square foot as the Northwoods building, it'd be valued at $147 million.


Construction began Jan. 15. Nike has not offered any timeline for the various projects.

To put the projects in perspective, Portland's signature skyscraper, Big Pink, has about 1.1 million square feet of office space.


Source

Blog author image

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 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

What Happens After Foreclosure Moratorium Ends

Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government’s efforts to assist families feeling economic pain caused by the pandemic. On

Read More

4 To Dos For July To Save Money Get Ready For Fall

When it's hot outside, smart homeowners focus their energies inside on these four tasks.You know: Like taking advantage of your nice, cool basement.#1 Organize the BasementThe two most common types

Read More

5 Red Flags To Spot In A Home Inspection Report

There is a certain leap of faith that all buyers take when they make an offer on a new home. If the market is especially competitive, it’s not uncommon for prospective buyers to see a property

Read More

New Aid Coming For Mortgage Borrowers At Risk Of Foreclosure

Borrowers who fell behind on their mortgages during the Covid-19 pandemic and continue to face economic hardship will get help from a Biden administration program announced on Friday, a bid to

Read More