January 4, 2007

MEDIA RELEASE

CONTACT:

John Jackley, PDC (503) 823-3315

New Office Development in Lents Town Center Urban Renewal Area

The Portland Development Commission (PDC) announces the first new office development in the Lents Town Center Urban Renewal Area. Assurety NW, a full-service insurance and financial service company has purchased a 77,000 square foot property, owned by PDC, along SE Foster Road between SE 88th and SE 91st Avenues at 8919 SE Foster Rd. The project is expected to break ground later this month.

Assurety NW will re-develop the 1.8 acre property as a 30,000 square foot commercial, mixed-use project which will serve as the Assurety NW new corporate headquarters. The company had been located in Gresham. Assurety NW expects to employ approximately 45 people at the new headquarters when it is operation in late 2007. The project will also include additional office and retail space which will be available for lease. The project will be developed in two phases with Phase I consisting of Assurety NW offices and ground floor retail and commercial space totaling 20,000 square feet. Phase II of the project will include a second building with construction scheduled to begin in 2009 totaling 10,000 square feet.

”With the addition of 45 living wage jobs, this project will help jump-start the Lents community,” stated Portland City Commissioner Sam Adams who recruited Assurety NW. “With the enthusiastic support from Mayor Potter and Commissioner Leonard, this infusion of financial and human capital will help make the dream of a Lents Town Center a reality.”

PDC provided the company with a $770,000 loan for purchase of the land and a $711,000 loan for construction of the building.

The project supports the core goals of the Lents Town Center Urban Renewal Plan, which include revitalization of commercial areas and partnering with commercial property owners by investing public funds to increase the vitality and economic heath of commercial areas. The project also supports economic development goals in the urban renewal plan by creating new business investment and job creation.

The Lents Town Center Urban Renewal Area (URA) was formed in 1998 to spur the revitalization of the Lents Town center and surrounding neighborhoods. The URA consists of about 2,500 acres. Other URA projects planned within walking distance of the Assurety NW headquarters are a new Tri-Met I-205 light rail station that will be operation in 2009 and a three-acre mixed-use, mixed-income residential/commercial development.

PDC was created by Portland voters in 1958 to serve as the city’s urban renewal agency as laid out in Chapter 15 of the City’s Charter. PDC provides comprehensive housing, development and economic development programs with the Portland region.

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