The City Council is set to approve the recommendation at its May 5 meeting. After the City Council signs off on the recommendation, Riordan says the City will begin negotiating the disposition and development agreement.
Initial plans are for a $20 million development encompassing about 50,000 sf or retail and upward of 104 housing units. Senior Planner Dan Riordan tells GlobeSt.com that a detailed development analysis still must be performed to confirm demand for such a development. Office space also is a possibility, he says.
The land is owned by the city's development arm. The primary site, the biggest of three at 93,000 sf, was owned by the Eagles Lodge. The two other adjacent properties are each about 31,000 sf. The City acquired all three properties within the last year or so.
"We look at this project as a catalyst for future development in the area, as anchor for the area's evolution into another main street," Riordan tells GlobeSt.com. The Broadway-High corridor has components of a main street and we would like to build on that by promoting more Downtown housing to further support the retail core there."
Among other projects, Gerding/Edlen is the developer behind five-block redevelopment project by Gerding Edlen DeveloBrewery Blocks redevlopment project that is adding 1.7 million sf of office and retail space on the northwestern edge of Downtown Portland.
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