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The Port of Portland is selling 15 acres of riverfront known as Terminal One South for $7.6 million.

The buyer, Riverplace LLC, has visions of 600 condominium units, 170 affordable housing apartments for seniors and 175,000 sf of office, restaurant and retail space on the northernmost parcel in the River District, an urban renewal district designed to encourage mixed-use development in the traditionally industrial part of town.

Riverplace LLC is an Oregon company owned by Tiger Properties LLC, whose owners include Tom Kemper of Portland and Stan Harrelson and John Goodman, both of Seattle. The property sits between Front Avenue and the Willamette River just north of the Fremont Bridge.

The tract has been publicly owned since the early 1900s. The Port has considered it surplus since the 1980s. Port commissioners formally advertised the space in April, giving a 90 days window for formal proposals.

The minimum bid was $6 million. Riverplace LLC submitted the highest bid. Kemper Harrelson and Goodman will at least have to adhere to the city’s 25-foot minimum greenbelt setback from the river. New state and federal requirements, if approved in the near future, could widen the setback.

Prior to close of sale, the Port will have to cleanup diesel fuel from beneath Front Street that is associated with the property. Cleanup could cost as much as $800,000, according to Port officials. The sale also requires city approval of a master plan, subdivision and greenspace details.

High Temp Northwest and Thermopressed Laminates lease warehouse space on the property. They would vacate the space as part of the redevelopment plan.

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