Alberta Commons Affordable Commercial Tenanting Program

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Alberta Commons Affordable Commercial Tenanting Program 2017-09-21T09:15:35+00:00

Project Description

Affordable Commercial Tenanting Program
Alberta Commons

 

Alberta Commons is a new development in the heart of the Soul District, on the corner of NE Martin Luther King, Jr. Boulevard and NE Alberta Street, that presents a unique opportunity for underrepresented small businesses to gain a foothold in the retail mix of the area, while simultaneously helping to revitalize a long-vacant corner with vibrant activity.  Anchored by Natural Grocers, this development is an exciting opportunity to provide much-needed goods and services to the neighborhood and create a lasting and beneficial relationship with the community of northeast Portland.

Location: NE Martin Luther King Jr Blvd & NE Alberta St, Portland, Oregon

Available Space:

1,500 SF unit

3,600 SF unit (divisible into multiple suites)

Construction Complete: November 2017

Broker Contact: Jessie Burke, Workspace/Urban Nest, Jessie@urbannestpdx.com; 503-862-3416. Office Hours: Mondays and Fridays from 9 a.m. to noon at Elevate Coffee, or by appointment.

 

Application Process

The application is a multi-phase process through which we will select tenants that both meet Prosper Portland social equity goals and provide needed goods and services to the Northeast community.

  • Equity: Prosper Portland is committed to supporting businesses led by owners underrepresented in the business community. Underrepresented populations include communities of color, African-American business owners, women, and business-owners from low-income neighborhoods. Priority will be given to small, Portland-based businesses that align with the goals of Prosper Portland and the North/Northeast Community Development Initiative Action Plan.
  • Business Type: Businesses that require regular foot traffic, provide needed goods and services to the local community, and/or serve as a destination for customers outside of the neighborhood, such as small-scale retail, merchandise, and food service are a priority to activate this corner of Martin Luther King, Jr Blvd and Alberta. The Alberta Commons Retail Tenanting Advisory Committee, a committee of local residents and business owners, together with Prosper Portland staff and a commercial broker, will use market research data and public involvement to ensure the best business mix.

Business Plan & Financial Review: Potential tenants are asked to have the following prepared for submission in advance of a first round interview:

  • Business plan summary
  • Financial projections (1 year and 3 year)
  • Year-to-date profit and loss balance sheet
  • Personal tax returns (3 years)
  • Business tax returns (3 years)
  • Personal financial statement

If you need assistance with any of these items prior to applying, resources are available.

  • Micro  Enterprise Services of Oregon, 503-841-3351
  • Hispanic Metropolitan Chamber, 503-222-0280
  • Year-to-date profit and loss balance sheet: Your bookkeeper or tax professional
  • Business tax returns: Bookkeeper or tax professional
  • Personal tax returns: Bookkeeper or tax professional
  • Personal financial statement: example

Industry Experience: Priority will be given to businesses that have been in operation for two years, either in another location or as a home-based business.  If you have not been in business for two years, industry experience of two to five years, preferably in a leadership or management capacity, is preferred.

September 8, 2017: Alberta Commons Affordable Commercial Tenanting Application Opens

October 13, 2017: First review of applications begins.
Applications received after this date will be reviewed on a rolling basis.
Step 1. Assessment of Prosper Portland Goals and Business Type

Late October 2017: Alberta Commons Retail Tenanting Advisory Committee Evaluation Meetings
Applicants not selected to continue to Step 2 will be notified at this time.

November 2017: Step 2. Small Business Evaluation
Review of Business Plan, Financial, and Industry Experience
Selected Applicants enter into Letter of Intent (LOI)

December 2017-May 2018: Selected Applicants sign leases, build out spaces, and move in

Timeline subject to change.

 

 

Commercial Tenant Application