Prosper Portland partners with private and nonprofit developers to deliver new development in key areas of the city and does not develop property directly. Prosper Portland purchased the properties from ODOT to activate the long-vacant parcels in the heart of the Central Eastside. Selling the property to the Beam/Colas team advances this objective and has received strong support from CEIC for the potential to support adjacent businesses and firms who continue to struggle because of post-pandemic trends and impacts. The Prosper Portland Board makes final decisions regarding land disposition. Prosper Portland selling the site to Beam/Colas won’t be official until the Board has approved specific terms of sale, including the acceptance of an independent property appraisal.
Block B is appraised at a market value of $2,410,000. It is proposed to be sold for market value net of any environmental conditions. Prosper Portland set a not to exceed amount of $749,000 environmental clean-up of the parcel consistent with documented environmental remediation costs.
Prosper Portland will retain ownership of Blocks A and C. The term sheet for Blocks A & C will guide the basis for negotiating purchase and sale agreements or long-term lease agreements related to those individual blocks in the future.
With one-time proceeds from the land sale rather than a long-term ground lease, Prosper Portland will have access to over $2 million dollars in the near-term to reinvest both in the Central Eastside and the broader city through its loan and grant programs for businesses of all sizes. This will also allow Prosper Portland to make more funding available to support community priorities for the local music industry.