PDC's Kia Selley tells GlobeSt.com she received two proposals. Selley declined to reveal who the proposals were from until the proposals have been reviewed and deemed acceptable or not. The goal is to make the proposals available on the Web site within four days, she says.

The 1.1-acre site, known as Parcel #8, is adjacent to a hotel, an office building, a retail esplanade, and a condominium tower that is under development. The site can hold office, residential and up to 40,000 sf of retail space. The height maximum is 150 feet and the maximum Floor Area Ratio is 7:1 including bonuses, which means the building could be as large as 340,500 sf.

The PDC says it will not participate financially in the project. The minimum purchase price for this site is $3.17 million, or $65 per sf of site area.

Immediately to the north of Parcel #8 are the $100-million Strand condominium development, a waterfront restaurant and a parking structure for residential and commercial parking. Immediately east of the property is an eight-story office building and the 258-room Marriot Residence Inn, which are both located along the Willamette River.

West of the property are 490 housing units, 46,000 sf of retail and restaurants as well as the newly renovated 84-room RiverPlace Hotel. To the north, on the adjacent Parcel 1, a $90-million mixed-use project is now pending redevelopment that will provide approximately 220 residential condominiums, a destination waterfront restaurant and a sub-grade structure for residential and commercial public visitor parking by 2007. A Portland Streetcar stop is located immediately to the south of the site.

Concrete debris from the demolition of the old Lincoln Steamplant is currently buried on the property. About half of the demolition debris is contaminated with asbestos. PDC will remove all asbestos contaminated concrete debris from the site prior to the Property sale. Environmental cleanup of Parcel #8 is expected to be completed by winter 2006. The property will be ready for redevelopment shortly following environmental cleanup and disposition. Redevelopment construction is required to commence no later than summer 2007.

The only other undeveloped parcel in Riverplace is lot #3, an approximately two-acre site immediately south of Parcel #8, at the corner of SW River Parkway and SW Moody Avenue, next to Pacificorp's Lincoln substation. The PDC expects to issue an RFP for the property sometime in 2006.

Property taxes from the Strand development and these last Riverplace parcels will be used to fund the installation of infrastructure for South Waterfront area, the next redevelopment area. The 130-acre area south of Riverplace is planned for $2 billion worth of development. Construction is under way on the first several buildings in the area's 38-acre Central District. Ultimately, the Central District alone is planned for some 2,700 condominium and apartment units in towers rising between 250 feet and 325 feet, making them some of the tallest buildings in the city.