March 1, 2005

Construction Underway On The Strand At Riverplace

Portland, OR - Construction has begun on a $110 million mixed-use development that will enhance the RiverPlace community and play a key role in the redevelopment of the North Macadam Urban Renewal Area.

The Strand will feature 222 condominium units in three glass and steel towers with ground-level townhomes scaled to match the existing neighborhood. In addition, the project will feature a destination waterfront restaurant, retail and live/work space, and a 100-space parking garage for the public. Residential and public parking will extend underground beneath the entire 2.7-acre site and under adjacent street and pedestrian areas. The property is next to South Waterfront Park on SW River Drive between SW Montgomery and River Parkway . Construction staging for the project will occur on the remaining vacant RiverPlace sites under lease from PDC to the developer.

RiverPlace Partners, LLC, a partnership led by Onder Development Co. and Williams & Dame Development, Inc., purchased the property from the Portland Development Commission for $3.6 million in June 2004. The sale provided a critical piece of the long-term funding strategy for redeveloping the 409-acre North Macadam Urban Renewal Area. The Strand is the largest redevelopment project on PDC property since the Pioneer Place retail center in downtown Portland.

“We’re excited to participate in the redevelopment of this prominent site,” Onder said. “This is an ideal site for the project, with its waterfront location next to downtown, and the timing is perfect with the arrival of the streetcar this March,” he added.

PDC Chairman Matt Hennessee said development of The Strand will continue redevelopment long envisioned for Portland ’s downtown waterfront, and will support future investments in infrastructure, jobs, open space and a mix of housing in the North Macadam Urban Renewal Area. In addition, it will enhance the value of an adjacent PDC-owned parcel known as Parcel 8. PDC will issue a request for proposals for the redevelopment of Lot 8 this spring.

“PDC provided more than 50 percent of the funding for the Portland Streetcar extension into RiverPlace, including construction of a new segment of SW Harrison Street linking RiverPlace to Portland State University,” said PDC’s Hennessee. “The Streetcar will connect RiverPlace to downtown and the River District. People can ride the Streetcar to RiverPlace and enjoy easy access to our award-winning South Waterfront Park,” he added. (The Portland Streetcar will open to the public with free rides and a community celebration on March 11 and 12.)

The Strand development will mark the final stage of the cleanup and reclamation of a brownfield site once home to the Lincoln Steam Plant. The site was contaminated with both petroleum byproducts from years of steam plant operations and asbestos-coated concrete debris from the plant’s demolition. The site is enrolled in a voluntary cleanup program managed by the Oregon Department of Environmental Quality. PDC will share site cleanup costs with RiverPlace Partners.

The cleanup at RiverPlace is part of PDC’s continuing commitment to the successful redevelopment of brownfields for public benefit. Similar efforts include the River District, a contaminated industrial site that was transformed into a vibrant urban community and earned the 2001 Development of the Year Award from 1000 Friends of Oregon. PDC received a 2003 Phoenix Award from the federal Environmental Protection Agency for leading cleanup and redevelopment efforts in the RiverPlace area in partnership with the Oregon Department of Environmental Quality.

RiverPlace Partners, LLC is developing the project and general contractor is Walsh Construction Company. Architectural services were provided by Ankrom Moisan Architects . Construction is expected to be complete by early 2007. RiverPlace Partners LLC is also overseeing leasing of the restaurant space at the project. A sales office for units at The Strand will open in May. Until then, information is available through The MacNaughton Group at 503-292-9119.

An artist’s rendering of The Strand (in pdf file format) can be found on PDC’s website at: http://www.pdc.us/pdf/ura/north_macadam/parcel_1/rendering.pdf

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