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Portland State University officials are investigating redevelopment options for the University Place Hotel & Conference Center, at 310 S.W. Lincoln St.

University officials have hired Portland-based development consultant Johnson Economics to determine the best use for the property, which is approximately 4 acres. The firm is expected to produce a recommendation in late June, PSU spokesman Scott Gallagher said.

Any development would likely involve a public-private partnership, he said. Options include construction of more classrooms, retail space or apartments.

TriMet is building a new light-rail station nearby as part of the Portland-Milwaukie light-rail project; it has invested $100,000 in the University Place Hotel redevelopment study, Gallagher said. Also, the city of Portland and the Portland Development Commission have agreed to invest $13 million in any future redevelopment of the property, he said.

PSU bought the property in 2004 to build more student housing, but that plan stalled during the recession. Now that the economy has picked up, university officials are unsure how they should proceed, Gallagher said.

“It’s a blank slate,” he said.