In a 5-0 unanimous vote, the Portland Development Commission Board of Commissioners has authorized the agency to form a wholly-owned subsidiary to complete the 54-unit 9101 Foster project in the Lents Town Center Urban Renewal Area (LTCURA).
The agency will provide financing of up to $15.3 million to substitute for the prior approved PDC loan, construction financing, Metro TOD Grant and original developer equity involving Williams/Dame and Associates (WDA). The PDC Board action will allow the project team to complete the project as currently envisioned and designed by WDA as well as reduce the project costs by approximately $1,000,000, representing the elimination of the developer fee and reduction of construction interest.
The project remains as proposed – a mixed-use building consisting of 38 market rate and 16 affordable residential units, ground floor commercial space and surface parking.
PDC Executive Director Patrick Quinton said, “We anticipated that, at some point, this project could convert to public ownership. Public ownership guarantees that this project happens as envisioned and according to its original timeline. While financial return is very important, under public ownership we can ensure the project delivers on other priorities that are consistent with the Lents Action Plan and will add to the vibrancy of the Town Center.”
WDA principal Dike Dame said, “The City has a lot invested in this project. It makes sense to have it remain in public ownership. We have always believed in the future of the Lents neighborhood, and are proud to have been a partner in this project, which will make a major contribution to the area’s revitalization.”
Contact: Shawn Uhlman, PDC, 503-823-7994