Contact: Shawn Uhlman, PDC, 503-823-7994
June 10, 2015
On Wednesday, June 10, the Portland Development Commission (PDC) Board of Commissioners approved a development agreement with ZRZ Realty Company which will ultimately unlock an estimated $23.7 million in tax increment funding to support transformative private and public development in the North Macadam Urban Renewal Area.
Aerial view of the South Waterfront
The agreement establishes the City of Portland’s support for ZRZ’s development of 1.5 million square feet of mixed-use, employment-oriented commercial and residential property over the next ten years. The agreement also clarifies the city’s role in developing opportunities for Portland Housing Bureau investments in affordable housing as well as in creating new infrastructure and collaborating with Portland Parks & Recreation on the development of the greenway and a new city park.
Rendering of Phases 1 – 3
As an early implementation step, the PDC Board also approved an intergovernmental agreement (IGA) with the Portland Bureau of Transportation (PBOT) to fund up to $500,000 for preliminary design of improvements to SW Bond Avenue from downtown to South Waterfront.
PDC has worked with ZRZ and City partners for several years to craft a complex, multi-phase, multi-year agreement for real estate development, redevelopment, and public infrastructure, driven by public-private partnerships involving 30 acres of ZRZ-controlled properties that constitute the largest section of vacant, redevelopable land in Portland’s Central City.
The ZRZ development site lies within Portland’s Innovation Quadrant (IQ), which spans both sides of the Willamette River and is home to major regional higher-education institutions, workforce development providers, and private sector partners. The IQ includes the Oregon Health & Science University’s (OHSU) Schnitzer Campus, where research and investment affiliated with the Knight Cancer Challenge is expected to be housed.
The project area
PDC Executive Director Patrick Quinton said, “This is a significant milestone in our work to transform the South Waterfront into a 21st century urban neighborhood that offers regional business, employment, recreational and housing opportunities to all Portland residents. Our strong partnerships with ZRZ, OHSU, Portland State University, TriMet, and all of our partner city bureaus are the foundation of this effort and will be vital as we move ahead on the first phases of this remarkable development.”
Matt French, managing director of Zidell Yards/ZRZ Realty Company, Inc., said, “The partnership between ZRZ and the city signals a new era for the district, toward a thriving, vibrant, and diverse neighborhood characterized by access to the Willamette River. As a family business working on the property for 80 years, we are committed to creating a lasting Zidell legacy in a rapidly transforming South Waterfront. We are looking forward to getting started on our next phase of building and connecting the district even more meaningfully to the city’s core with business, employment opportunities, exceptional retail, homes, and amenities.”
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