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Nearly nine years after development was proposed for the east end of the Burnside Bridge, plans are in motion for construction of a new, $60 million mixed-use building there.

The 12-story structure will hold 200,000 square feet, with approximately 290 market-rate apartments, ground-floor retail space and about 175 structured parking spots.

, a Hood River-based developer, is heading the project with the help of the Portland Development Commission, which will sell the property to Key.

鈥淭his is an absolutely prime location for this sort of thing,鈥� said Shawn Uhlman, public affairs manager for the PDC. 鈥淵ou鈥檙e just going to see this project and more and more of this area become part of the Central Eastside.鈥�

The building will occupy half (six-tenths of an acre) of Block 67, which is in a corner of the bridgehead property, closely bordered by the Burnside Bridge to the south. The block presently is a parking lot.

Plans for this project have existed since 2010, when the PDC sent out a competitive request for interest for the property. The request was sent out six years after the PDC established a memorandum of understanding with Opus Northwest to build a massive office and retail complex there. The memorandum expired in 2008.

Key Development was chosen because its proposal aligned closely with the PDC鈥檚 vision for the property. The PDC had not always planned for a residential project, Uhlman said; however, it had planned for a retail presence.

鈥淭he way it was presented and what they鈥檙e looking to do with the site was in line with what we鈥檙e trying to do with it,鈥� Uhlman said. 鈥淩ather than focusing on one single developer, we said, 鈥極K 鈥� if we break these parcels up, what sort of development will occur on each one?鈥� 鈥�

Key Development owner Jeff Pickhardt declined to comment on the project because the team is so early in the design phase.

However, in a letter to the Central Eastside Industrial Council, the PDC stated that the building would be rated Leadership in Energy and Environmental Design silver. Additionally, the building鈥檚 retail space is expected to 鈥渁ctivate Northeast Third Avenue鈥� and 鈥渆nhance the pedestrian environment of the area,鈥� the letter said.

The PDC will sell the property to Key for $1.65 million, which is the fair market value determined by a 2012 appraisal, according to Uhlman. The PDC will then have no hand in construction and supply no additional funding.

Money from the sale will be used to pay for other projects within the Central Eastside urban renewal area, Uhlman said.

This will be the third project confirmed as part of the bridgehead plan. The first two, both Beam Development efforts, involve redevelopment of the Convention Plaza and construction of a landscaped courtyard.

has worked with Key Development to make sure all projects blend with each other, said Jonathan Malsin, Beam鈥檚 general manager.

鈥淥ur expectation and hope is that it will interact with the plaza and create a nice connection for the overall site,鈥� he said. 鈥淔rom what we鈥檝e seen, Key Development seems like a very capable development group.鈥�

Beam could also become involved in development of a 140-unit complex with 78 parking spaces on Block 75, above Couch Street. That project is being developed by a limited liability company featuring multiple entities, including Beam and Works Partnership Architecture, which is designing it. The LLC will work with the PDC to develop a project focus, according to Carrie Strickland, a principal with Works Partnership.

Malsin said it was too early to comment on project details. The PDC could not confirm whether it would be part of the bridgehead plan.

However, the confirmed projects will help to continue to expand the Central Eastside Industrial District, Uhlman said.

鈥淎s we move forward with all the stuff in the produce row area, and that continues to grow and become this entrepreneurial center, I think we鈥檒l see even more of these types of projects.鈥�

Construction of the Key Development building is expected to start in December 2013 and finish in the second half of 2015.