PORTLAND, OR-A planned five-block redevelopment at the east end of the Burnside Bridge here came closer to reality this week when Opus Northwest LLC and the city’s urban renewal agency inked a memorandum of understanding regarding the estimated $200-million project. The non-binding agreement sets forth the basic expectations each have agreed will guide the process leading up to a binding disposition and development agreement.

Opus’ Burnside Bridgehead project calls for 500 residential units, 100,000 sf of retail, 125,000 sf of work space and 1,040 structured parking spaces on about 4.5 acres of underdeveloped property immediately north of the bridge. The properties represent is one of the largest redevelopment sites in the Central City.

The MOU calls for Opus to take the lead on: existing and future market studies to determine the mix of uses (residential, retail, office, etc.) to be included in the project; environmental and geotechnical studies of the property and identifying any work that many need to be done; a partnership with Beam Development Co. to develop one or more components of the project; creating a final development program in cooperation with the Citizens Advisory Committee.

The city’s Portland Development Commission will be responsible for: purchasing the Convention Plaza Building–which lies in the center of the proposed development and is the only property not yet owned by PDC; obtaining zoning changes for portions of the site necessary to allow the proposed development; a traffic analysis of the proposed development and other transportation issues; analyzing the feasibility and marketability of affordable housing in the project; and then conveying the entire Bridgehead property to Opus as part of the DDA, which will establish the obligations of all parties for the acquisition, financing, development and operation of the project.

The city and Opus hope to have the DDA hammered out by the end of the year. The next hurdle is the acquisition of the Convention Plaza Building at 123 NE 3rd Ave. The city expects to gain control of the site in early May 2006.

For previous GlobeSt.com articles on this topic, click on one of the following headlines:

  • Beam Getting Piece of Burnside Bridgehead, Withdraws Protest
  • PDC Decides on Burnside Bridgehead Protest Procedure
  • While PDC Changes Protest Process, Beam and Opus Talk
  • Beam Protests PDC’s Selection for Burnside Bridgehead
  • City Selects Opus, Wood for Burnside Bridgehead
  • Want to continue reading?
    Become a Free ALM Digital Reader.

    Once you are an ALM digital member, you’ll receive:

    • Unlimited access to GlobeSt and other free ALM publications
    • Access to 15 years of GlobeSt archives
    • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
    • 1 free article* every 30 days across the ALM subscription network
    • Exclusive discounts on ALM events and publications

    *May exclude premium content
    Already have an account?


    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.

     

    GlobeSt Net Lease Spring 2024Event

    This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

    Get More Information
     

    GlobeSt

    Join GlobeSt

    Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

    • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
    • Exclusive discounts on ALM and GlobeSt events.
    • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

    Already have an account? Sign In Now
    Join GlobeSt

    Copyright © 2024 ALM Global, LLC. All Rights Reserved.