Broadway Corridor (Post Office Redevelopment) | Proposed

[maccoinnich]

Report [PDF], which will go before the PDC board on Wednesday:

ACTION DESCRIPTION

This proposed action by the Portland Development Commission (PDC) Board of Commissioners (Board) will adopt the Broadway Corridor Framework Plan (Framework Plan). If adopted, the Framework Plan will guide: 1) the strategic vision for development of the broader 24-acre Broadway Corridor study area located in the River District Urban Renewal Area (URA) (see Attachment A); and 2) the preferred development concept and future master plan for the 13.5-acre United States Postal Service (USPS) Processing and Distribution Center located at 715 NW Hoyt Street (P&DC site), should PDC be successful in acquiring the property.

The objective of the Framework Plan is to provide greater certainty regarding PDC’s and the City of Portland’s (City) development objectives, desired public investments, and financial capacity to meet those objectives and investments, with a particular focus on the P&DC site. Affiliated initiatives underway to inform a decision of whether to acquire the P&DC site include:

• Negotiations with USPS concerning the possible acquisition by PDC of the P&DC site and the relocation of the USPS functions to an alternative location; and
  
• Identifying a financing approach associated with the potential acquisition and future redevelopment of the P&DC site, including the need to secure financing (Interim Bonds) from the City in addition to tax increment financing (TIF) resources from the River District URA.

PDC staff provided briefings on the Framework Plan to the PDC Board on April 8, 2015, July 16, 2015, and September 9, 2015.

Other takeaways - first reading of the legislation required to implement this will go before the City Council on November 5th. PDC Board will vote on the Purchase and Sale agreement November 18th.

[maccoinnich]

On the City Council agenda for next week:

1158 TIME CERTAIN: 2:00 PM – Adopt the Broadway Corridor Framework Plan as the guiding document for future development of properties located in the study area adjacent to the Broadway Bridge, including the United States Postal Service site (Resolution introduced by Mayor Hales) 1 hour requested for items 1158—1161

*1159 Authorize Intergovernmental Agreement with the Portland Development Commission to provide general fund-secured interim financing for River District public improvement projects (Ordinance introduced by Mayor Hales)

1160 Authorize $45 million of financing for the costs of carrying out the urban renewal plan for the River District Urban Renewal Area and authorize refunding of any interim financing (Ordinance introduced by Mayor Hales)

1161 Authorize $90 million of interim financing for the costs of carrying out the urban renewal plan for the River District Urban Renewal Area and long-term bonds to repay the interim financing (Ordinance introduced by Mayor Hales)

[maccoinnich]

City Council voted 5-0 to approve the above resolution and ordinance 1159. This basically gives the PDC the authority and financing to buy the Post Office. (Ordinances 1160 and 1161 return on November 18th for second reading, but it sounds like they will have the support of all five commissioners).

• Video Link

[maccoinnich]

Portland approves vision for Post Office property, closes in on $80 million deal



Portland is ready to buy the U.S Postal Service's 14-acre headquarters in the Pearl District and move the government agency out of downtown for an estimated $80 million.

The City Council described the proposed deal Thursday as a once-in-a-generation opportunity to acquire prime real estate downtown while ensuring that redevelopment includes an extension of the North Park Blocks and hundreds of units of affordable housing.

Overall, the city plans to borrow $135 million by issuing bonds to cover the post office project and other obligations in the River District urban renewal area, such as redeveloping Centennial Mills and revamping Union Station.

...continues at the Oregonian.

[maccoinnich]

PDC Action Item: Authorizing an Intergovernmental Agreement with the City of Portland to Provide General Fund-Secured Interim Financing for River District Public Improvement Projects.

[urbanlife]

This sounds like good news, I seriously think we will see ground breaking happening on this site within the next 10 years.

[daroon]

Originally Posted by urbanlife

This sounds like good news, I seriously think we will see ground breaking happening on this site within the next 10 years.

If groundbreaking can happen before our next recession, yes. However, every year we roll the dice and we may be set back 5-8 years if the market suffers another 2008. I don't see this happening in the next few years, but it can't continue on it's blistering hot pace forever.

[innovativethinking]

Originally Posted by daroon

If groundbreaking can happen before our next recession, yes. However, every year we roll the dice and we may be set back 5-8 years if the market suffers another 2008. I don't see this happening in the next few years, but it can't continue on it's blistering hot pace forever.

I totally agree. I doubt this huge of a project will follow through considering we're bound to have our hot economy fizzle out. Even SoWa hasn't reached its full potential and it's been years since they had a grand idea of what that would look like..

[MarkDaMan]

Originally Posted by innovativethinking

I totally agree. I doubt this huge of a project will follow through considering we're bound to have our hot economy fizzle out. Even SoWa hasn't reached its full potential and it's been years since they had a grand idea of what that would look like..

OHSU has three major projects going up in SoWa. Zidell has two office buildings and an apartment project coming up. There's also what, three current buildings under construction right now? I don't believe build-out of SoWa was supposed to happen until mid-2020s so I'd say we are right on track. It's just not as tall as you would like it to be.

The post office is surrounded by what has become a pretty tight area as far as developable land goes and is the logical extension for the Pearl as the north end starts to fill up. It's going to be highly desirable land.

[58rhodes]

Originally Posted by innovativethinking

I totally agree. I doubt this huge of a project will follow through considering we're bound to have our hot economy fizzle out. Even SoWa hasn't reached its full potential and it's been years since they had a grand idea of what that would look like..

I agree

[urbanlife]

Originally Posted by innovativethinking

I totally agree. I doubt this huge of a project will follow through considering we're bound to have our hot economy fizzle out. Even SoWa hasn't reached its full potential and it's been years since they had a grand idea of what that would look like..

I don't see this economy push fizzling out any time soon as long as Portland's population keeps growing. As of right now we haven't seen much growth in the office space market, which is what I can see happening in this site.

[Photogeric]

Wasn't SoWa buildout also supposed to be comprised of bigger buildings?

[Abide]

Originally Posted by Photogeric

Wasn't SoWa buildout also supposed to be comprised of bigger buildings?

I think it was conceptualized that way in the great condo boom, but the point is, full build-out is continuing apace.

[innovativethinking]

Originally Posted by Photogeric

Wasn't SoWa buildout also supposed to be comprised of bigger buildings?

Yup, it's nowhere near the way they envisioned it or even close to the point they wanted it at by this time.

[MarkDaMan]

Originally Posted by innovativethinking

Yup, it's nowhere near the way they envisioned it or even close to the point they wanted it at by this time.

I don't know where you are getting your information but you obviously don't remember the much more humble beginnings of the South Waterfront district. It wasn't originally envisioned as a high rise district, but a mid-rise educational district that would allow OHSU to grow and attract a larger bio-science scene. It wasn't until Williams and Dame brought the condo boom from the Pearl over to SoWa that the height limits where substantially increased. At great resistance by the Corbet-Terwilliger-Lair Hill neighbors I might mention.

The district is generating the expected revenues to pay off the PDC bonds issued to build the initial infrastructure and parks (including the Tram). "They" (I'm assuming you mean the PDC) are very much seeing the district turn into the vision they had over a decade ago. Which didn't originally include the world class cancer center currently being planned.

Let's stick to facts instead of personal narratives on this forum, and in the case of this thread, get back on-topic.

[65MAX]

I really don't get all of the pessimism around the Postal site. It's THE most prime (primest?) real estate in the city, even more so than the Pearl or SoWa before they took off. Location, location, location, location. Yes, I said it four times.

Some people here don't understand (maybe they're new here, and/or they're not old enough to remember) that there was nothing in SoWa 10 years ago, NOTHING. And that even with the 4 year construction drought during the Great Bush Recession, it's booming. And that the Pearl was nothing but vacant rail yards and a few run down warehouses just 20 years ago. I have absolutely no doubt that AS SOON AS the Post Office relocates closer to the airport, this site is going to explode. Regardless of whether this current super-boom economy continues or not. Even during the Recession, the Pearl was still progressing full steam ahead. The Postal site will be no different.

In fact, they just reported on the news last night that Oregon's population just surpassed the 4 million mark somewhere around March of this year. And that the tri-country area alone is going to see at least 138,000 new residents in the next 5 years. That's not even including Yamhill, Columbia, Clark, Cowlitz and Marion Counties which are also in the Metro area. Portland has now reached a critical mass where the growth, even if it does slow down a bit in the future, is still going to be massive. If anything, the pressure to maximize the potential of this prime piece of property, as well as the Pearl, SoWa, Slabtown, Lloyd, the Central Eastside and ANY close-in area, is going to be tremendous.

[maccoinnich]

The council today approved the two remaining ordinances needed to give the PDC the authority to buy the site.

[65MAX]

Originally Posted by maccoinnich

The council today approved the two remaining ordinances needed to give the PDC the authority to buy the site.

Full steam ahead....

[cailes]

So realistically speaking, how long before something actually happens; ie: new post office facility is built and things began to be reclaimed at the current site.

its monumental that things are at this stage and it appears a deal is imminent. I just wonder how long until things begin to change.

[innovativethinking]

Originally Posted by cailes

So realistically speaking, how long before something actually happens; ie: new post office facility is built and things began to be reclaimed at the current site.

its monumental that things are at this stage and it appears a deal is imminent. I just wonder how long until things begin to change.

Not for a very very very long time. Atleast 8-10 years before anything even starts