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Two new commercial businesses are poised to open in the Lents Town Center Urban Renewal Area.

The Portland Development Commission‘s board (minus John Mohlis, who was absent) on Wednesday unanimously approved a lease for a new brewery that will occupy the Bakery Blocks Building at 5716 S.E. 92nd Ave., and a lease for a Latino ‘mercado’ about 20 blocks northwest at 7238 S.E. Foster Road.

The PDC hopes the two businesses – recipients of substantial public money for renovations – will spur economic activity in an area it is actively trying to revitalize, via a five-year investment strategy.

Z. Haus LLC is spearheading development of the brewery, which will focus on German-style beer and include a full-service, family friendly restaurant. The PDC purchased the vacant, 25,000-square-foot building in 2009 with the intention of positioning it for future development. The renovation is slated to begin in May.

Albina Community Bank is providing the company a $350,000 loan for the approximately $1.8 million project, but the PDC is providing a $250,000 Business Incentive Finance loan, a $200,000 Economic Development Administration loan for working capital, and a $10,000 storefront grant. The PDC also is spending $639,808 on tenant improvements and life/safety upgrades. Z. Haus has a 10-year lease with two five-year options to renew.

Meanwhile, Portland Mercado LLC will turn an old car dealership building into a culturally specific retail market. The approximately $2.4 million project will create space for four retailers, four permanent food stalls, three offices, a commercial kitchen, a market hall and a dining area, as well as eight food carts in an adjacent, re-landscaped parking lot.

Hacienda Community Development Corp. has been working on the project since 2011. Along with the five-year lease (and an option to renew for an additional five years) at an annual rent of $1, the PDC is providing Portland Mercado a $900,000 Commercial Property Redevelopment Loan, and a $201,959 Community Livability Grant. Hacienda has also secured approximately $1.3 million in non-PDC grants to pay for construction.

Additionally, Hacienda has the option to purchase the property once it has repaid its loans.