Affordable Commercial Tenanting Initiatives
Contact: ACT@prosperportland.us
Prosper Portland engages in several different initiatives to increase availability of affordable commercial space for local small businesses. These efforts include development of commercial space offered at below market rates, funds for tenant improvements to make a space ready to open, technical assistance to support small businesses – ranging from pre-development work to operations, and incentives for developers to increase affordable commercial space throughout the city.
Each program is designed with support from community members to reduce barriers of entry, increase access to capital, and support underrepresented businesses by addressing the challenges of increasing rents, higher cost of construction, and changes in customer behavior.
Affordable Commercial Tenanting Program
- For small business owners
- Prosper Portland managed properties
Prosper Portland manages a number of commercial properties in priority areas that provide quality space and business support to underrepresented small businesses. The program is available at two sites in Lents Town Center in SE Portland, Alberta Commons in NE Portland, The Stash Tea Building in downtown Portland, and The Nick Fish in Gateway, offering access and assistance to qualified businesses in the form of an equitable application process, access to space, and in some cases additional incentives designed to lower the barriers to entry for emerging and small businesses, such as reduced rent, tenant improvement contributions and technical assistance.
Affordable Commercial Space Bonus Program
- For developers
A City of Portland initiative aimed at incentivizing the provision of affordable commercial space for renovations and new development projects. The program provides a Floor Area Ratio or Height Bonus to mixed use and commercial developments in exchange for providing affordable commercial space on-site, or through the Affordable Commercial Space Fund, or a combination of both.
The Bureau of Development Services determines the square feet of space bonus floor area and Prosper Portland administers the program, working with the developer/owner based on their programmatic pathway to deliver affordable commercial space on site of the development or the dollar amount directed to the fund.
Affordable Commercial Tenanting Grant
- For small business owners
- For property owners
A citywide program that will be piloted in the Interstate Corridor TIF (Tax Increment Financing) District in Spring 2024, with new areas coming online in the future. The grant program provides tenant improvement (TI) funds and TI-related technical assistance to property owners and small business owners to facilitate access to commercial space and support inclusive business growth.
The Affordable Commercial Tenanting Grant is intended to support businesses looking to open physical locations, to increase access to space for small businesses with a brick-and-mortar presence, and to revitalize Portland’s commercial corridors and business districts with retailers serving local community and regional needs.