Affordable Commercial Tenanting Program
Lents Town Center

Contact: JOEL DEVALCOURT, PROJECT MANAGER, EMAIL, 503-823-3293 OR 831-421-2739

Prosper Portland and the Portland Housing Bureau have invested $54 million in the heart of the Lents Town Center to deliver on the Lents Action Plan goals for rebuilding the historic Lents Town Center commercial district. The result is four development projects –  the Asian Health & Service Center, Lents Commons, Oliver Station, and Woody Guthrie Place – offering a mix of commercial, office and housing: 263 new housing units, 38,000 square feet of ground floor commercial space, and 30,000 square feet of office, clinic and event space.


1. Lents Commons, 9101 SE Foster

Total Retail Space: 7,500 SF, 3,725 SF contiguous SF (divisible to 1,000 SF)

2. Oliver Station at SE 92nd and SE Woodstock

Total Retail Space: up to 16,000 SF


Lents Commons

Lents Commons is a mixed-use development owned by Prosper Portland. The building is located on the northwest corner of Foster and 92nd. The building offers 7,500 square feet of ground floor commercial space along Foster Road, half of which has been reserved for the Affordable Commercial Tenanting Program. Prosper Portland will offer initial retail rents for this space at 10% below market rents for new class A commercial space. Tenants may also qualify for a contribution toward tenant improvement build-out in the form of a Prosper Portland grant.

Oliver Station

Oliver Station (West) includes 8,000 square feet of ground floor retail along both Foster Road and Woodstock Avenue. Working with our partners at Palindrome Communities, 4,000 square feet of this space has been reserved for Prosper Portland’s Affordable Commercial Tenanting Program.  Spaces in Oliver Station will be at a minimum of 1,000 square feet for commercial uses and a minimum of 1,500 square feet for a restaurant use.  Initial commercial rents in Oliver Station will be 10% below market rents for new class A commercial space.  Tenants may also qualify for a contribution toward tenant improvement build-out in the form of a grant from Prosper Portland. Palindrome Communities and its broker will be engaged in the selection of tenants and will be the primary point of contact once the tenant has been selected.

Application Process

The application is a multi-phase process through which we will select tenants that provide needed goods and services to the Lents community and further Prosper Portland’s social equity goals . This is an exciting opportunity to literally get in on the ground floor of some of the newest and hottest retail in the heart of Lents Town Center. The application will allow applicants to express their preference for site and location.

Preliminary applications are reviewed by Prosper Portland staff on a rolling, first-come first-serve basis until all spaces are filled, with evaluation based on the following criteria.

Priority Population business ownership. Prosper Portland is committed to supporting businesses led by owners from underrepresented populations, particularly women, people of color, and those from low-income neighborhoods. Priority will be given to local businesses (based in the Portland region) and businesses that align with Prosper Portland’s equity goals and other goals identified by the community.

Business Type. Prosper Portland conducted a market analysis and previously surveyed Lents community members to identify the types of services that are most desired and have the best potential for success. The list below summarizes some examples of uses with broad community support:

  • Food service: coffee shop, restaurant, café
  • Merchandise: hard and soft goods, pet supplies, apparel
  • Entertainment: arts & family-oriented
  • Personal Services: library, barber, salon, pet services
  • Other: healthcare, wellness, fitness, yoga, daycare

Industry experience.  To be eligible, business must be operational for two or more years. To be considered a startup business owners will need to provide the following items with their application:

  • Business Plan with three year of financial projections
  • Startup and tenant improvement budget with identified sources of funding
  • Personal Financial Statement (Prosper Portland Form)
  • Two years of personal tax returns of the guarantor

Financial qualifications. Owners will need to demonstrate adequate financial resources to maximize their potential for success. This section requires providing a budget and describing access to financial resources for tenant improvement costs and working capital, such as individual development accounts, personal savings, family and friends loans and other financial resources.

In addition applicants will be evaluated based on tenant mix; uses will be evaluated based on their desirability within the community, potential for success, and compatibility with other uses in the district. Applicants for space in Oliver Station will be subject to approval by the project developer and owner, Palindrome Communities.

Applicants deemed to have met the program criteria will also be reviewed by an Affordable Retail Tenanting Advisory Committee made of community representatives with retail and small business expertise as well as representatives from community organizations that focus on small business development. The role of the Affordable Retail Tenanting Advisory Committee will be to:

  • Ensure the potential tenants meet the business and business owner criteria;
  • Ensure that uses and/or services meet project and community goals;
  • Ensure that the business is viable and has an appropriate level of financial support.

Selected applicants will work with the property broker to move toward the consummation of a lease. Brokers will work with selected applicants to tour the spaces and develop the following:

  • Letter of Intent.  Tenants will work with Prosper Portland’s broker and/or their own broker to draft a letter of intent.
  • Space Plan. The broker will facilitate tenant’s and/or tenant’s brokers’ development of a preliminary space plan for rough order of magnitude tenant improvement pricing.
  • Tenant Improvement Cost Projections. The broker will work with tenants and/or their brokers, along with building and tenant contractors, to facilitate development of rough order of magnitude pricing for cost of tenant improvements. Tenants must also identify or request referrals to an architect and contractor for the tenant improvement build out.

Applicants will also be asked to submit the following Business Plan, financial information and plans for consideration:

  • Business Plan with Three Years of Financial Projections
  • Two Years of Business Tax Returns
  • Year End Income Statement
  • Current balance sheet
  • Two years of personal tax returns for guarantor
  • Personal statement of assets and liabilities

Representatives from Prosper Portland or Palindrome Communities will negotiate lease terms with Tenant and/or Tenant’s legal counsel, and the parties will execute a lease.

Representatives of Tenant and Landlord will complete construction documents and permit submittals and complete their respective buildouts, after which tenant opens for business.