Downtown Waterfront
The Downtown Waterfront TIF District was created to support downtown’s role as a center for culture, retail, and community-serving agencies. The district is closed, but remaining resources continue to support community priorities through the Old Town / Chinatown Action Plan.
Date Created
1984
District Status
Closed
By the Numbers
Background
The Downtown Waterfront TIF District is one of Portland’s most successful examples of tax increment financing. Since 2001, assessed land values in the District have increased an average of four percent annually, from a total of $653 million to $918 million. To continue strengthening downtown’s role as the regional center for finance, trade, education, culture, retail, professional and governmental services, Prosper Portland facilitates both private and public partners’ revitalization efforts to keep downtown Portland vibrant and healthy.
Over the years, Prosper Portland has worked with community and business partners to complete several successful development and rehabilitation projects and public improvements in the District, including:
- Tom McCall Waterfront Park—Portland’s signature riverfront park
- The Yards at Union Station—housing development
- RiverPlace
- Pioneer Place
- Union Station preservation
- Old Town/Chinatown: 3rd and 4th Ave. Streetscape Improvements
- 8 NW 8th
- 38 Davis
- Acquisition of Block 24 for future Asian Cultural Center
- Ankeny West food cart pod
- Fairfield Building commercial space
- Japanese American Museum of Oregon
These efforts have leveraged a significant amount of private investment, generated additional property taxes for multiple taxing districts, and transformed the downtown area.
Old Town / Chinatown Five-Year Action Plan
The historic Old Town/Chinatown neighborhood spans two TIF districts. While it originally lay within the Downtown Waterfront District, expansion of the River District boundaries in 2009 included portions of Old Town/Chinatown to help meet community goals and objectives for the area. In July 2014, Prosper Portland launched the Old Town/Chinatown Five-Year Action Plan, which outlined recommended steps and resources to create a safe, vibrant, economically healthy neighborhood, maintain Old Town/Chinatown’s unique character, and harness its opportunities. The Action Plan was renewed in 2019 for an additional five years, with the following objectives:
- Attract new neighborhood investment to activate key properties and improve district livability;
- Promote business vitality by increasing employment and retail activity; and
- Invest in district livability through stronger coordination among social services and among public, quasi-public and private security entities.
