PDC’s RiverPlace Project to see $90 Million Residential Waterfront Development

On June 30, 2004, the Portland Development Commission (PDC) sold Parcel 1, a 2.7 acre site in the RiverPlace area, to the development team RiverPlace Partners LLC, making way for the largest redevelopment project on a PDC property since Pioneer Place in downtown Portland.

The property is located on SW River Drive between SW Montgomery and SW River Parkway, and is within the 409-acre North Macadam Urban Renewal Area (URA). The $3.4 million land sale proceeds are a critical part of the long-term funding strategy for the North Macadam Urban Renewal Area, and funds projects included in the five-year budget projection for the district.

Parcel 1 is a brownfield site, which means that reuse or redevelopment may be complicated by the presence of a hazardous substance, pollutant or contaminant. Parcel 1 is the site of the former Lincoln Steam plant, and is contaminated with petroleum by-products from steam plant operations, as well as asbestos-coated concrete debris from the steam plant demolition. The site is currently enrolled in a Voluntary Cleanup Program managed by the Oregon Department of Environmental Quality (DEQ). Site redevelopment is subject to DEQ approval, and cleanup will occur with construction. PDC will share costs with RiverPlace Partners to clean up the site, as defined in a disposition and development agreement.

The $90 million mixed-use project will include construction of approximately 220 residential condominiums, a destination waterfront restaurant and sub-grade residential and commercial public visitor parking. RiverPlace Partners received approval from the City’s Design Commission on October 7, 2004. View a site plan and rendering of the approved design for Parcel 1. (also available as .jpg graphic files )

Redevelopment of the site will generate significant tax revenue to support future investments in infrastructure and help stimulate private investment to create new jobs, open space and mixed housing for the North Macadam Urban Renewal Area. It will enhance the value of the adjacent PDC redevelopment parcel, known as Lot 8, which is planned for a request for proposals this fall. Redevelopment of Lot 8 will follow completion of the streetcar extension to RiverPlace, to begin operations in March 2005.

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