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An Oregon City mixed-use development thought to be derailed earlier this year could catch a new lease on life.

The project – called The Cove – would be a $160 million mixed-use development consisting of 78,000 square feet of commercial development and about 400 residential units on 45 acres of city-owned property along the waterfront in Oregon City.

The project stalled earlier this year when the project developer, Clackamette Cove LLC, missed a payment to purchase a nearby privately owned lot on which part of the project was to be developed. That failure broke a stipuation in Clackamette Cove’s initial contract with the city.

But at a meeting late last week, the city’s urban renewal commission decided to give Clackamette Cove until Oct. 1 of 2011 to meet the terms of the initial agreement. At least three of the people that make up Clackamette Cove – Ed Darrow, Randy Tyler and Todd Woodley – were at that meeting.

In addition to paying the city $1.2 million for the property in question, the development team would have to secure the rest of the financing for the project and actually get construction started before the deadline.

Of the project’s 400 residential units, 220 would be apartments in a single complex. The land the developer was supposed to purchase would be used for the apartment complex.