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The Portland Development Commission has issued an of an L-shaped property adjacent to the Oregon College of Oriental Medicine building in Old Town Chinatown.

Block 8L is a 29,100-square-foot parking lot/vacant parcel that touches Northwest Naito Parkway, First Avenue, and Davis and Couch streets. The city agency purchased the property in 2005 for approximately $4.9 million.

In 2010, the PDC demolished a building on the southeast corner of the site and began helping OCOM and Beam Development with an approximately $16 million redevelopment of the Globe Hotel, on the block’s southwest corner. OCOM established its headquarters there in 2012.

The remaining three-quarter-block property is zoned central commercial and able to accommodate most uses. The floor area ratio is four to one and the maximum height is 75 feet. The PDC uses the northern half of the block for parking and in the last fiscal year yielded $195,997 in net operating income.

The site contains some environmental contamination: Approximately 3,400 tons of soil would need to be removed, among other remediation. The PDC has estimated the incremental environmental costs with developing the property at $680,000. The site’s appraised market value is $2.36 million.

The site is located in the Skidmore/Old Town Historic District, as well as the Central City Plan District and River District subdistrict. Alternative financing for development may be available through the PDC’s Commercial Property Redevelopment Loan Program, or an EB-5 program.

Statements of interest are due by Sept. 30 at 5 p.m. People can contact the PDC’s Eric Jacobson, at 503-823-3306 or at [email protected], to learn more.