NEWS RELEASE
Contact: Shawn Uhlman 503-823-7994
Prosper Portland and Continuum Partners have reached mutual agreement to end negotiations for Continuum to redevelop the initial phases of the Broadway Corridor development on a portion of the former Post Office property.
In 2018, after an extensive selection process, a community-led evaluation committee along with city staff jointly recommended the Denver, Colorado-based company to serve as the project’s development advisor.
The role of development advisor for Broadway Corridor included two key elements. First was to serve as an advisor to Prosper Portland, the Portland Housing Bureau, and project consultant ZGF Architects on the potential development opportunities within the project area as the team worked to create a master plan. Second, Continuum would have an opportunity to negotiate a development agreement (after adoption of the master plan).
Portland City Council approved a project term sheet in September 2020, the master plan is complete and site preparation is underway. Today’s announcement means the developer will forego the opportunity to be first to pursue development of select Broadway Corridor parcels.
Kimberly Branam, Prosper Portland executive director, said “We’re thankful for Continuum’s significant expertise and partnership as development advisor throughout the master planning and steering committee process. I also appreciate Continuum’s steady engagement, alongside the Healthy Communities Coalition, on an ambitious effort to weave community benefits into every facet of the planned development. We look forward to continuing to work with them as our development advisor in the coming months and to finding opportunities to partner in the future.”
Mark Falcone, CEO and founder of Continuum Partners said, “We’ve appreciated our partnership with Prosper Portland and the many people and organizations that have engaged in the project. We’ve been proud to play a role in this values-centered development project. But given the reality of a challenging real estate market environment and the complexities of the project, we realized that we need to focus on other projects for now.”
Shannon Callahan, Portland Housing Bureau director said, “The City’s commitment to providing affordable housing within the Broadway Corridor remains the same and is not impacted by this decision. We will continue to move forward with Prosper Portland on this historic opportunity to create a new, vibrant neighborhood that is equitable and inclusive, and welcomes Portlanders of all incomes.”
According to Branam, “We expect the near-term Broadway Corridor schedule will remain unchanged. Given that demolition of the post office facility and construction of new streets and utilities are necessary prior to development of the individual parcels, we will continue to focus on those key next steps and will identify one or more development partners in the future. We look forward to advancing this once-in-a-generation opportunity.”
