Opus' Burnside Bridgehead project calls for 500 residentialunits, 100,000 sf of retail, 125,000 sf of work space and 1,040structured parking spaces on about 4.5 acres of underdevelopedproperty immediately north of the bridge. The properties representis one of the largest redevelopment sites in the Central City.

The MOU calls for Opus to take the lead on: existing and futuremarket studies to determine the mix of uses (residential, retail,office, etc.) to be included in the project; environmental andgeotechnical studies of the property and identifying any work thatmany need to be done; a partnership with Beam Development Co. todevelop one or more components of the project; creating a finaldevelopment program in cooperation with the Citizens AdvisoryCommittee.

The city's Portland Development Commission will be responsiblefor: purchasing the Convention Plaza Building--which lies in thecenter of the proposed development and is the only property not yetowned by PDC; obtaining zoning changes for portions of the sitenecessary to allow the proposed development; a traffic analysis ofthe proposed development and other transportation issues; analyzingthe feasibility and marketability of affordable housing in theproject; and then conveying the entire Bridgehead property to Opusas part of the DDA, which will establish the obligations of allparties for the acquisition, financing, development and operationof the project.