Media Release

March 28, 2008
PDC Board Approves Centennial Mills Developer

Wednesday, March 26, The Portland Development Commission (PDC) accepted the recommendation put forth by PDC Executive Director Bruce Warner regarding the preferred development team for the Centennial Mills project.  The unanimous vote makes LAB Holding, LLC from Costa Mesa, CA, the selected developer for the four-acre Centennial Mills site.  The Board vote was the final step in the process of selecting a development team following a recommendation of LAB Holding by the Centennial Mills Evaluation Committee and also Executive Director Warner. 

“The Centennial Mills site is a key catalytic redevelopment project for both Portland’s waterfront and the North Downtown area,” said PDC Chairman Mark Rosenbaum.  “We are in good hands with LAB Holding and the Board feels confident the company will deliver an extraordinary project for those who work, live and enjoy downtown,” Rosenbaum added. 

LAB Holding, LLC remained the clear favorite of citizens, the Evaluation Committee, and PDC’s Executive Director based on how the company responded to the Centennial Mills RFP in several key areas including:

• Program and design
• Capability
• Business deal
• Working to meet diversity goals in project design and construction
• Collaborative public outreach and participation plan
• Response to the community’s desire for a mix of open space and development

“We are thrilled to have support from both the community and PDC on this project,” said Shaheen Sadeghi, CEO of Lab Holding, LLC.  “We love the integrity shown toward the history of the site as well as its location and we have a great platform to work from.  The culture, community and consciousness of the Pearl District community is wonderful,” Sadeghi added. 

Next Steps

With Board approval of the recommendation, PDC and LAB Holding, LLC will begin negotiations toward a formal Disposition and Development Agreement. 

The Proposals

Proposals for the Centennial Mills redevelopment were received from three nationally known development firms: LAB Holding, LLC; the Cordish Company from Baltimore, MD; and Nitze-Stagen & Company from Seattle, WA.   To review the proposal please visit: http://www.centennialmills.org/opportunity/. 

History of Centennial Mills Process

In May 2007 the Portland Development Commission (PDC) issued a nationwide Request for Qualifications (RFQ) to development teams interested in the redevelopment of the Centennial Mills site in northwest Portland. Three teams were selected to move forward to the RFP phase. The RFP was issued in early September 2007 with proposals due back to PDC on Jan. 18, 2008.  

On March 10, 2008, PDC Executive Director Bruce Warner accepted the recommendation of LAB Holding, LLC put forth by the Centennial Mills Evaluation Committee.  Executive Director Warner then took his recommendation before the PDC Board yesterday for their action.

“All the proposals were excellent,” said Steven Shain, PDC’s development manager for the Centennial Mills development.  “We are very excited to be working with a team of this caliber to move the project forward.”

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