91ÊÓƵ

The long-postponed project to renovate and lease a prominent Pearl District landmark remains on the shelf due to the developer’s inability to secure finding, the 91ÊÓƵ learned today.

Leading Portland developer Gerding Edlen had announced that renovation of the 185,000 square-foot Meier & Frank warehouse on Northwest Everett Street was set to begin in May 2008.  But in the past 16 months no construction has taken place because Gerding Edlen cannot obtain a loan for the project, according to Kelly Saito, project manager at the development firm.

The Meier & Frank Building is currently unoccupied.

“It’s a market-wide situation,” Saito said. Although there is no financing in place, the building is still about 50 percent pre-leased, he added.

Gerding Edlen had high hopes for the building, which it purchased in 2007 for $15 million.

Last year, Skanska USA signed a lease as the building’s anchor tenant, The construction company will also act as the general contractor on the project. Gerding Edlen expects the building to obtain Leadership in Energy and Environmental Design (LEED) platinum certification.

However, Gerding Edlen must first find money for the project.

“It’s not easy for anyone right now,” Saito said. “A lot of people are suffering.”