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Wind turbine company Vestas-American Wind Technology is staying in Portland and will soon have a new headquarters in the Pearl District.

Though Vestas had been looking in other states for potential sites, the company today announced it would renovate the old Meier & Frank warehouse on Northwest Everett Street and 14^th Avenue into their headquarters. Gerding Edlen Development purchased the building several years ago and has been waiting to redevelop it, according to Mark Edlen, president of Gerding Edlen.

“This is a wonderful building built by one of Oregon’s iconic companies of the 20^th century,” Edlen said. “Now it will be occupied by one of Portland’s iconic companies of the 21^st century.”

Between the city of Portland and the state, $8 million of public money will go toward the project, according to Mayor Sam Adams. The city has negotiated a 15-year, interest-free loan with Vestas to keep it in Oregon.

“We had to compete for this,” Adams said. “Other states were offering deals. They put us to the ringer to get the best site.”

Currently at 400 employees, Vestas has made a deal with the state to hire at least 100 new employees in the coming years. Vestas-American Wind Technology president Martha Wyrsch said the company will hire people with backgrounds in engineering, finance and sales.

The $66 million project is designed by GBD Architects and Ankrom Moisan Associated Architects and will be built by Skanska USA. Other project consultants include KPFF Engineering, Harper Houf Peterson Righellis Inc., and Peter Meijer Architects. The project will break ground in October and will be finished in early 2012.