In a public/private partnership between the PDC, Oregon Health & Science University (OHSU), North Macadam Investors, River Campus Investors LLC and Block 39 LLC, the projected cost to develop the project, known as Phase 1 of the overall North Macadam Urban Renewal project, is around $1.3 billion at a leverage ratio of 1:6.5 public to private investment. Projected investment for the public projects portion financed by public and private sources is $103 million, $71.9 million coming from public sources. Private development is expected to total $440 million.

The 31-acre parcel is part of the 130 acres within the South Waterfront Plan Area which itself is a portion of the total 409 acres covered by North Macadam URA just south of downtown in the Central City extending 1.2 miles along the west bank of the Willamette River.

With a scheduled completion sometime in 2008, Phase 1 construction would include 400-480 market rate condominiums, 30 affordable condominiums, 100-150 market rate apartments, 200 affordable apartments, 250 student housing units, a 150-200 room hotel/conference facility is planned along with a 250,000-400,000-sf research and clinical facility for OSHU and a parking garage at OSHU's Marquam Hill campus for about 2,000 cars (10% of which would be for public use).

In an area with the highest unemployment rate in the nation, the plan also projects that the new development will create 1,000 construction jobs and 4,500 bioscience-related jobs at OHSU's Central District and Marquam Hill campuses by 2030. An aerial tram will be constructed connecting the new Central District homes to the research and clinical facilities at OHSU.

When all phases of the project are completed, it is projected that 1,350 market rate condos will be built along with 700 market rate apartments, more than 400 affordable apartments, 1.5 million-sf of commercial space and 3,500 parking spaces.

Instant Insights /

PDC Set to Take Action on Development Agreement for South Waterfront Central District Project

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