A little more than 2.3 acres has been sold off to locally based Peak Development for development of 80 apartments over another 25,000-sf of retail. On two other residential blocks for which Bruning is still negotiating with buyers, there is room for perhaps another 800 units, he says. "We've been approached by four or five other residential developers, each of whom have their own specialty," says Bruning.

A Newport Beach, CA-based investor wants to build higher end senior housing, a group out of Minnesota wants to develop senior co-op housing similar to product available in New York, and yet another developers are interested in straight apartment or condominium development. "We're trying to put together a mix of buyers that won't flood the market with one particular type," says Bruning.

That would leave Center Oak about 13 acres to develop more retail and office space. On the retail side, there is talk of a themed restaurant called Claim Jumper and a couple of department stores, including possibly Meier & Frank. Of the office space, some 80,000 sf has been set aside for the Center for Advanced Learning. The fully funded joint effort of four local high school districts, Multnomah Community College and possibly Oregon State University will provide advanced learning opportunities for everything from physics to the arts.

"Their goals is to be under construction soon and complete and open the facility for the 2002 school year," says Bruning. The three-story, two-building project will include ground floor retail and 15,000-sf of space for the Multnomah County cable television company.

Back at Gresham Station, about 90% of the 300,000 sf of retail is spoken for along with about two-thirds of the 20,000 sf of office space, says Bruning. Already open in the retail space are Gap, Old Navy, Bed Bath & Beyond and Borders Books. Another building nearing completion will house Red Robin, Dress Barn, Men's Warehouse, Kay-Bee Toys and Honey Baked Ham. As well, Bruning says he hopes to finalize today a lease with Portland Teachers Credit Union.

That leaves about 20,000 sf of retail space for which Bruning says he has letters of intent to occupy. Included among the small medical and community service office tenants will be 3,500 sf for the new headquarters of Center Oak, which is currently based in Sacramento. Bruning says Center Oak will have an office open within the next six weeks and complete the relocation by the end of the year.

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Center Oak Properties Details Gresham Project

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