January 5, 2007

Restaurant Signs Lease for Location on N.E. Martin Luther King Jr. Boulevard

Terroir, a restaurant and wine bar, has signed a lease in the new King’s Crossing project located on NE Fremont Street between Martin Luther King Jr. Boulevard and Grand Avenue in northeast Portland’s King neighborhood. The site has been known as the Fremont Project site and formerly housed the King Food Market. Terroir will occupy 2,400 sq. ft. in the building on one floor. It will be open for dinner Tuesday through Sunday from 4:00-10:00 p.m. The restaurant will seat 60 inside with 20 seats outside—weather permitting. Owners Stu Stein and Mary Hinds are planning a May 2007 opening.

Terroir is a French word that loosely translates as a “taste of a place.” The term refers to a combination of climate, feed, soil and seasonal shifts that contribute to the end product whether that product is a local wine or produce. Terroir features food and wine from Pacific Northwest farms and wineries and its chef, Stu Stein, is the author of The Sustainable Kitchen: Passionate Cooking Inspired by Farms, Forests & Oceans which features cuisine based on seasonal ingredients and use of local products. The owners of Terroir are committed to sustainability and they appreciate the green building features of King’s Crossing. The building is slated to achieve LEED Silver certification.

“We are pleased to have Terroir as a new tenant. The owner’s innovation and community-consciousness is representative of the emerging vibrancy along Martin Luther King Jr. Boulevard,” said Ron Sykes, a member of the project development team.

In addition to the new restaurant, the project contains another 1,300 sq. ft. of ground floor retail space and 5,600 sq. ft. of new office space on the second floor that enjoys views of the neighborhood and the city. King’s Crossing will serve as a Gateway into inner northeast Portland and anchor a prominent corner with new businesses that serve the community. The redevelopment of this site has been a community and neighborhood goal for a number of years.

Financing was provided through a collaborative effort utilizing Portland New Markets Fund I, LLC New Markets Tax Credit allocation in conjunction with the Portland Family of Funds. This has been the first use of this financing structure in the Oregon Convention Center Urban Renewal Area (URA). PDC also provided $2.9 million in tax increment funds from the URA which leveraged the New Markets Tax Credits. The public financing is leveraging $345,000 in private financing for the project to cover additional tenant improvement costs.

Once fully operating, the restaurant is expected to employ 25 staff including two to three managers, 8 to 12 servers, and additional kitchen staff.

For commercial leasing information at King’s Crossing, contact Dan Bozich, Urban Works at 503-228-3080. For information on office leasing contact Jake Lancaster, Grubb & Ellis at 503-972-5511.

In addition to the Kings Crossing project, The Heritage Building, 3934 NE Martin Luther King Jr. Boulevard, has two stories of office and ground floor retail available, 23 parking spaces on-site and will be LEED Gold certified. The Heritage Building is due to open in March 2007. For more information on leasing opportunities, contact leasing agents Dick Levy and Nancy Tamarin at Windermere Commercial, 503-249-1706.

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 within the Portland region.

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