Down by the river
Developers and city planners are targeting the N. Pearl District
Portland Business Journal - by Andy Giegerich Business Journal staff writer
In most cities, waterfront property near downtown is considered prime real estate.
Yet in Portland, many properties along Northwest Naito Parkway between the Broadway and Fremont bridges have long been undeveloped and ignored. The oversight has vexed planners and developers who believe the area has extensive mixed-use potential.
The tide could soon turn for the area city planners call the North Pearl District. They, along with Pearl District neighbors, hope to create better access to the Willamette River from the bustling Pearl.
And developers say the stretch -- bordered roughly by Northwest 14th Avenue to the northwest, Northwest 9th Avenue to the southwest and the Willamette River -- could become a hot district that hosts businesses, retailers and residents.
"There are great opportunities there," said Mark Edlen, a managing principal with Gerding/Edlen Development. "The gap between the two bridges has to be filled in at some point."
Indeed, the gap is already closing, thanks mainly to the redevelopment of the Centennial Mill site, at 1100 N.W. Naito Parkway. The site, which formerly housed riverfront flour and feed mills, sits four blocks north of the Broadway Bridge.
The Portland Development Commission is set to approve the site's redevelopment plan next Wednesday.
At the same time, Crescent Electric Supply Co., at 1466 N.W. Naito Parkway, will move this summer to a Northwest Yeon Avenue site as its property owners, Summit Properties, of Portland, mull the site's redevelopment options. Jenny Collins, Crescent's district operations manager, said the choices include new condominiums.
"I don't think it will remain a warehouse," she said with a laugh.
Then there's Fremont Place, the office building at 1750 N.W. Naito Parkway developed by John Carroll in the 1980s and now owned by the San Francisco-based McMorgan & Company.
The owners are considering whether to redevelop the site once Centennial Mill's work begins, said Lana Baldock, a Portland-based Cushman & Wakefield senior director who leases the office's space.
"Any future redevelopment opportunities would certainly interest them because it could increase the value of the property," said Baldock. "I'd say it's certainly something they'd explore at some point if it were economically feasible."
The newly released North Pearl District Plan, which seeks to guide developments north of Northwest Lovejoy Street and east of Interstate 405, will also spur growth. The plan could lay the groundwork for new Pearl District services such as a public school, a library and a community center.
Any new development in the area would complement other high-profile Pearl projects such as the Brewery Blocks, on West Burnside between Northwest 10th and 12th avenues, and the Portland Armory, at 128 N.W. 11th Ave.
While the sites could require some river clean-up, planners believe properties on both sides of Naito Parkway have excellent mixed-use potential, said Troy Doss a senior city planner. Each of the properties is zoned for mixed-use with an employment emphasis, such as office space.
Such flexibility has developers thinking big. Brad Malsin, owner of Portland-based Beam Development, has explored whether North Pearl's riverfront land could accommodate the company's various progressive-leaning projects.
"We haven't felt the push to go there yet, but there's no question it'll happen," he said. "It's just a question of what the market will support."
Within the area, Malsin envisions flexible workspaces, large artist-oriented studios, traditional offices and residences. A hotel would work in the area, with accompanying retail and restaurants.
"Like the Pearl, it could be very well-balanced between the different kinds of uses," he said.
Edlen, whose firm is known for its green-building initiatives, said the area could become a district onto itself devoted to nurturing the city's sustainability industry. Much of the idea relies on eventually cleaning the abutting river, which would itself serve as a showcase for sustainable concepts.
"Those buildings would have a responsibility to watch what we put into the river and leave behind a lighter footprint," he said. "But that would attract some of these burgeoning companies like Keen Footwear or Icebreaker," a New Zealand outfit that's relocating to Portland.
Neighbors would also welcome more activity in the district. Patricia Gardner, co-chairwoman of the Pearl District Neighborhood Association's land use committee, believes the area will work well once adjoining properties along the river become better linked to both each other and to the rest of the Pearl through footbridges over Naito Parkway and the Union Station-area railroad tracks.
"Its buildings would have two great views, of the river and of downtown," she said. "It's a great opportunity to activate the river and better activate Naito Parkway."
PDC expected to OK plan
The 145,612-square-foot Centennial Mill redevelopment is a proposal at 1100 N.W. Naito Parkway by Costa Mesa, Calif.-based Lab Holding LLC that would include restaurants, market stalls, retail space, a culinary school, flexible office space, galleries and the Portland Police Department's mounted patrol unit. The site's existing water tower will remain standing.
Portland Development Commission officials chose the Lab proposal over two other finalists, based on whether it could drive future North Pearl river area growth.
"Centennial Mill isn't by itself a standalone product," said Steve Shain, PDC development manager for the River District urban renewal area. "It will have a strong link to the neighborhood."
The Portland Development Commission is set to approve the site's redevelopment plan next Wednesday.
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http://portland.bizjournals.com/portland/stories/2008/03/24/story1.html?t=printable
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