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The Portland Development Commission is currently in negotiations to sell a piece of property in Old Town Chinatown to a hotel developer.

Russell Yee of 8T8 Hospitality is hoping to purchase the three-quarter block parcel of land directly surrounding the Oregon College of Oriental Medicine at 75 N.W. Couch St, according to Shawn Uhlman, spokesperson for the PDC. The PDC-owned property was not listed for sale, and Yee approached the PDC about purchasing it for the potential development of a hotel and office building, Uhlman said.

鈥淭he bottom line for us is this is not a situation where we anticipate having money in the deal,鈥� Uhlman said. 鈥淚f we get to this point, it’s very much a purchase and sale agreement for fair market value.鈥�

The appraised value of the property 鈥� which is currently a parking lot and vacant land 鈥� is approximately $2.3 million. 8T8 has until February to act on the deal. Yee could not be reached, but previous endeavors have involved a $7 million joint venture with Coastal Investors LLC, Olympic Investors LLC and IDA Riverfront LLC to redevelop the Hotel Fifty building at 50 S.W. Morrison St.

Uhlman said the proposed hotel project would further the PDC’s efforts to increase commercial activity in the neighborhood. In recent years, that has included the $15.2 million renovation of the Globe Hotel into the OCOM building; the University of Oregon’s approximately $30 million renovation to the White Stag Building; Mercy Corps’ $20 million renovation of the Skidmore Building; and most recently, the $1 million renovation and relocation to the Fleischner-Mayer building by family law firm Gevurtz Menashe.

鈥淲e’ve worked very hard to reach this point over the years,鈥� Uhlman said. 鈥淭he good thing is if you look at the mix of folks as well 鈥� you have students and faculty at the University of Oregon, then professionals going into the Menashe space, and then you have Mercy Corps. It’s just great to have the vibrancy increase.鈥�