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Land swap - The university is in talks with an assisted living firm for the South Waterfront location
Wednesday, July 26, 2006
DYLAN RIVERA
Oregon Health & Science University has bought a one-block parcel in the South Waterfront area and is negotiating to bring an assisted living center to the site.

Mark Williams, OHSU's South Waterfront project manager, said the university is in discussions with an assisted living company. He would not name the prospective developer, except to say that it's an out-of-state company that specializes in such projects.

The property is owned by an investment group headed by Homer Williams. In buying the tract, known as Block 31, OHSU sold the investment group its half-ownership of a riverfront parcel known as Block 23 that has been seen as a possible hotel site.

The university wants to retain ownership of its land holdings in the waterfront area, OHSU's Williams said, but is willing to lease some parcels to developers bringing uses that would complement OHSU's hospital, research and education missions.

"One of the reasons we're attracted to the concept of independent or senior assisted living is there's a very strong research tie-in," as well as academic and research work with OHSU, Williams said.

The possible lease indicates the university's plans for the area could include further land leases that would complement university operations.

OHSU in 2005 considered building an office tower in South Waterfront that would have been anchored by CH2M Hill, an engineering and construction firm, but it turned out to be too costly, said Gordon King, a broker with the Colliers International who represented the firm.

The land swap stems from the 2002 land deal that helped launch OHSU's South Waterfront expansion. River Campus Investors, a joint venture of OHSU and Homer Williams' North Macadam Investors, had bought about half the acreage of the first 31 intended for development.

The university needed four blocks near a future tram landing, and North Macadam Investors took several on the riverfront.

With Block 23 remaining, Homer Williams said, "We ended up splitting the block."