Tomahawk Island is located near the airport, and is connected tothe mainland by a causeway. The former sand & gravel mine,which sits between two marinas, is Brookhill's first acquisition inOregon. It was purchased from Hillman Properties, amulti-billion-dollar industrial and real estate firm based inPittsburgh. The acquisition price was not immediately available,and is not being released by Brookhill.

The portion of Brookhill's property directly accessible toTomahawk Island Drive will be used for permittedcommercial/industrial purposes, similar to the many boating relatedactivities in the vicinity. Brookhill vice president Barry Hershcould not be specific about the size of the development, other thanto say it would be marine-related, "and probably wouldn't bedeveloped on a speculative basis."

Brookhill has submitted applications to Portland and the stateof Oregon to restore the rest of the site by installing animpermeable clay liner and filling it with river sediments. Whenthe project is completed, plans call for the bulk of the propertyto be made an improved habitat and permanently reserved as an openspace and habitat.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.