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In November 2011, developer John Russell took on an ambitious project.

For the first time in modern history, a foundry was used to recreate large sections of a cast-iron facade. It once adorned the Hallock & McMillan Building at 237 S.W. Naito Parkway. Russell wants to restore the structure 鈥� regarded as the oldest commercial building in Portland 鈥� as a creative office space, but can’t until the neighborhood comes to life.

鈥淭hat little building is surrounded by parking lots, and until those get developed I just don’t think it’s feasible,鈥� said Russell, founder of Russell Development Co. 鈥淚t’s so expensive to do the restoration the way that I would insist on doing it that you need pretty significant rents, and with those parking lots on Naito, I don’t think I can achieve it.鈥�

Constructed in 1857, the building was designed by architect Absolom Hallock to serve as his office. The name McMillan comes from the contractor that partnered with him on the project.

Brian Emerick, a principal at Emerick Architects and the designer in charge of Russell’s renovation, said Hallock was the first architect in Portland and the building 鈥� listed on the National Register of Historic Places 鈥� was one of the first of its kind. While most structures of the day were built with wood, Hallock used masonry with bifold metal shutters to create a protective shell against fire 鈥� a significant threat in the 1800s.

The cast-iron facade came from California.

鈥淚f you think about Portland in the 鈥榮tump town’ days, there was not a lot of machinery and technology out here to make complicated things like cast iron,鈥� Emerick said. 鈥淪o at first we bought cast iron out of San Francisco. The shipping industry was taking off and so was the economy, and we wanted to have established, old-world buildings and culture.鈥�

Russell owns four other buildings on the block, and had his eye on the Hallock & McMillan Building for 30 years before he bought it in 2010. Because of the surrounding parking lots, the building sits on something of an island of inactivity 鈥� despite being centered in a national historic district.

He said an ad hoc group of building professionals, including SERA Architects founder Bing Sheldon, are trying to change that. Russell said development could be spurred by replacing the grandfathered parking spaces with a parking structure featuring ground-floor commercial space.

Russell said the city of Portland is preparing to begin a study of those redevelopment options. Russell said interested tenants are standing by.

鈥淚t needs a jump start in activity,鈥� he said. 鈥淎nd then the fact that the building fronts on Naito is a huge asset because it’s waterfront property basically.鈥�

Block by Block is a weekly look at commercial real estate around Portland. Send suggestions for properties to [email protected].