91ÊÓƵ

Another project has been approved as part of the Burnside Bridgehead Framework Plan.

The Portland Development Commission has come to an agreement with , a Hood River-based developer, to redevelop a portion of the four-acre bridgehead site, which is bordered by Northeast Second Avenue and Martin Luther King Jr. Boulevard.

The project will be a 12-story, 200,000-square-foot building with approximately 290 market-rate apartments, ground-floor retail and about 175 structured parking spaces. The project is estimated to cost $60 million and generate in excess of $500,000 in annual property taxes.

KDC has been working on the project since July 2010, when the company was awarded a competitive request for interest by the PDC. The PDC will sell the property to the KDC for $1.65 million.

Construction is expected to start in December 2013 and finish in mid to late 2015, according to a PDC letter addressed to the Central Eastside Industrial Council.

This will be the third project developed as part of the bridgehead plan. The first two, both developed by , involve redeveloping the Convention Plaza and constructing the Couch Street Plaza, a landscaped courtyard.