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Approximately 14 years after construction began for the first phase of , the final phase is imminent. A once highly polluted seven-acre brownfield now is an Old Town residential development, and 80 more affordable housing units are scheduled to open in March 2013.

The last phase of The Yards was supposed to be completed in the early 2000s, but it was delayed because of market reasons, according to developer . But Portland City Council, the Portland Housing Bureau and the Portland Development Commission recently approved loans and gap financing for the project.

At a council meeting on Wednesday, Portland Mayor Sam Adams commented that the project 鈥渢ook longer than we thought.鈥� He was working in the office of then-Mayor Vera Katz when planning for The Yards started at PDC in 1995.

鈥淭alk about patient capital,鈥� he said.

When the development of The Yards began, the entire area was different, on-site manager Betsy Pott said. She moved into the development’s first affordable housing building in 1999 and was eventually hired by GSL Properties to tackle property management.

鈥淭he first phase of this complex was just one building,鈥� Pott said. 鈥淧earl District did not exist. I moved in and watched the entire neighborhood be built.鈥�

The brownfield site required significant cleanup 鈥� more than 3,000 tons of contaminated soil was removed and 10 million gallons of water was treated. The project received a Phoenix Award for environmental cleanup in 2000.

GSL Properties, a private developer, has worked with the city throughout development of The Yards, GSL project manager Melora Banker said. The firm signed a Disposition and Development Agreement for the land and moved ahead in 1997.

Three phases are completed: Phase A is a subsidized affordable apartment building; Phase B has two buildings with a mix of market-rate and affordable units; and Phase S has three buildings of market-rate townhomes with a few units of affordable housing for people earning 80 percent of median family income, Banker said.

GSL has been involved in the development of all phases, though Phase A is owned by the Housing Authority of Portland, and Phase B was developed jointly with another group. All of the units are rentals managed by GSL, Banker said.

The mix of incomes occasionally has led to conflicts; some residents in subsidized housing have said they don’t believe they have the same access to services as residents in high-end townhomes, Pott said.

鈥淚t’s been a tough balance, and it’s had its ups and its downs. Overall, I think it’s worked pretty well,鈥� she said.

Phase C, the fourth and final phase, was initially planned as a high-rise building to increase the number of housing units from 535 to more than 700. However, that project was scaled down, Banker said.

鈥淲e decided on a smaller building,鈥� she said. 鈥淭he high-rise would have blocked the view of the train station’s clock tower.鈥�

Pott said that GSL subsequently explored several other ideas, but none got off the ground until the most recent project was proposed. The gap between projects was unplanned, Banker said.

鈥淚t’s unusual that it’s gone on for this span of time,鈥� she said. 鈥淭he economy had a lot to do with Phase C not starting earlier.鈥�

The affordable housing component of the last phase will provide a financing boost for the project. GSL will receive a loan from the urban renewal district for about $5 million 鈥� one-third of the project cost, City Commissioner Nick Fish said. That loan will be repaid from rent revenues over 40 years, he said. The project also will receive a 10-year tax abatement.

鈥淥ne of the goals of the project is for the city to provide (financial support for) affordable housing options that the market does not,鈥� Portland Housing Bureau Director Traci Manning said.

The Phase C units will be available to families making 60 percent of median family income, which is approximately $43,000, according to Fish.

Phase C, designed by architects, is slated to achieve a Leadership in Energy and Environmental Design silver rating. GSL already has a contractor on board, though that information is not public yet, Banker said.

鈥淚t’s awesome to see it coming to fruition,鈥� Pott said. 鈥淚t was kind of an experimental property when it started 鈥� one of the first big mixed-unit projects downtown. It’s been an interesting experiment to see how everyone exists and lives.鈥�