Project Description

The Nick Fish

Contact:
Joana Filgueiras, Project Manager, email or 503-823-4852

The Nick Fish

A multi-partner collaboration between Prosper Portland, Portland Housing Bureau, Human Solutions and Gerding Edlen, The Nick Fish is a mixed-use, mixed-income catalytic project in the Gateway Regional Center TIF District, adjacent to Gateway Discovery Park at NE Halsey Street and NE 106th Avenue.

The ground floor retail, owned and managed by Prosper Portland, offers the Affordable Commercial Tenanting program, which is designed to prioritize underrepresented businesses, preserve the vitality of small businesses, provide business development opportunities that in turn offer needed goods and services to the community, and advance the agency’s goal to build an equitable economy.

The 11,000 square feet of ground floor commercial will offer as many as nine retail spaces, starting at 729 square feet. In addition The Nick Fish will provide 75 units of housing: 52 units of affordable housing at or below 60% median family income, and 23 units at market rate, which includes five at 80% MFI. Gerding Edlen and Human Solutions, a nonprofit based in East Portland, co-developed the project. Human Solutions will own and operate the residential units and occupy 11,000 square feet of space on the second floor for its office and service center.

  • Completed 2021

  • $32,400,000 total cost

  • $7,500,000 investment by Prosper Portland (landowner)

  • Financial partners

    Office: LIIF & Dudley Ventures

    Affordable Housing: PNC as LIHTC investor, JP Morgan Chase as lender, and Portland Housing Bureau

    Market Rate Housing: Prosper Portland and Dudley Ventures

    Ground Floor Retail: Prosper Portland

  • Design & Construction: Holst Architecture/LMC Construction

  • Project subject to Business Equity and Workforce Equity Programs and Green Building Policy

Affordable Commercial Tenanting Program

Application Process

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

Preliminary Application

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. The commercial spaces with appeal would include restaurants that serve/reflect neighborhood in terms of income & diversity; businesses that serve multi-generational customers; businesses that serve park users; businesses that serve residents of the building.

The list below summarizes some examples of active destination businesses with broad community support:

  • Restaurants (Coffee, Bakery, Brew Pub)
  • Fabric/Knitting Store
  • Specialty Paper/Printing Store
  • Eyeglass/Optometrist Store
  • Music/Instrument Store
  • Bird Feed/Yard Supplies
  • Manufacturer/Retailer
  • Wholesaler/Retailer

Industry experience.  To be eligible, business must be operational for two or more years, and/or have had previous ownership/management experience and/or some experience in the industry paired with business technical training.

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.

Selected applicants will work with the property broker to move toward the consummation of a lease. Prosper Portland’s broker for The Nick Fish is PPG Commercial, represented by Amelia Salvador. PPG Commercial will work with selected applicants to tour the spaces and develop the following:

  • Letter of Intent.  Tenants will work with PPG Commercial and/or their own broker to draft a letter of intent.
  • Space Plan. PPG Commercial and Prosper Portland will facilitate tenant’s and/or tenant’s broker’s development of a preliminary space plan for rough order of magnitude tenant improvement pricing. If tenant does not have their own architect, Prosper Portland may opt to provide these services for qualifying businesses.
  • Tenant Improvement Cost Projections. PPG Commercial 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. Prosper Portland will provide in-house architecture and construction services for all the tenant improvement construction work to meet tenant’s specific business requirements and needs.
  • Tenant Improvement Allowance. If tenant’s application for the ACT program is accepted, then Prosper Portland will grant to tenant an amount equal to the lesser of either 75% of the cost of the TIs or $40/RSF.

Applicants will also be asked to submit the following information 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 will provide a lease template. Negotiations may also include tenant broker and landlord broker to 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.

The Nick Fish broker brochure