Vanport Square

From CollabLandWiki

Vanport Square- Redevelopment

Portland Development Commission

[1]

Commission Briefing

Context: King Neighborhood

Phase 1: Marco Block

Phase 2: Garfield Housing

Phase 3: South Block

Project Description

- Renovation of former Marco Machine Works Building

- New construction on NE corner of site

- Total Development: 42,000 sq.ft.

- Commercial condominiums, targeting local, small businesses

- Approximately 12 to 15 businesses

- 69 + parking spaces

Project Benefits

- Model for well designed, high quality sustainable development on NE Martin Luther King Jr. Blvd.

- Catalytic Investment on critical site in NE Portland

- Community wealth creation

- Property ownership and expansion opportunities for local businesses

- Retail opportunities for community

- Creation and retention of 75+ jobs

- Enhanced pedestrian environment/ courtyard.

Development Agreement

- Project cost: $8.7 million

-PDC $6.8 million

-Net New Markets Tax Credit Proceeds $2.4 million

Project Schedule

June 2006- Design Complete

September 2006- Convey Property, begin construction

November 2007- Project completion

Goals Achieved

- Foster entrepreneurship and wealth creation within the community

- Positive Business Environment

-Create an environment that supports existing businesses, increase profitability, create jobs and encourages the development of new complimentary businesses and industries

• This phase is a key component of PDC’s strategy to revitalize NE Martin Luther King Blvd.