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Nike Campus Expansion On Track To Pass 150M Satisfy State Tax Deal
Dated: May 27 2015
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.
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 ....
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