91ÊÓƵ

Demolition of the 107-year-old Pendleton Building – originally offices for Pendleton Woolen Mills – is under way at 202-218 S.W. Jefferson St. The property is up for sale for $5.85 million, according to an online listing by Colliers International’s Portland office.

WDC Properties, via Pendleton PDX LLC, bought the building from Los Angeles-based CommonWealth Partners in April, according to Cushman & Wakefield senior director Gary Griff, who assisted WDC Properties with the purchase. The sale price was $1.7 million, according to records obtained from First American Title Insurance.

In March, Steve Fosler of Fosler Portland Architecture and Rich Grimes, a construction manager for WDC Properties, met with city planners to suss out two potential development scenarios. The first envisioned retaining the four-story Pendleton Building, and converting the ground floor to commercial space and the upper floors to residential. The project would have required seismic upgrades and exterior facade improvements.

A second development scenario involved demolishing the structure and constructing in its place three mixed-use buildings either four or five stories each.

Zoning for the 100-foot square property allows buildings up to 350 feet high, with a floor area ratio of nine to one. It’s zoned EX(d), which will accommodate most uses.

Daren Duke, a Colliers International senior vice president who is listing the property, said the group is marketing the site to interested hoteliers as well as office tower and multifamily builders. GBD Architects has prepared preliminary plans for a 23-story, mixed-use project.

The ownership group is preparing the site for shovel-ready development.

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