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The Portland Development Commission is looking to unload a key downtown asset.

Offers are being sought for a 10,000-square-foot vacant lot on the northeast corner of Southwest Third Avenue and Taylor Street. The agency purchased the property in 1999 for approximately $1.78 million with the intention of building a parking garage. Those plans fell through and the site has since sat vacant.

The PDC recently received some unsolicited expressions of interest from would-be buyers, so staffers decided that it might be a good time to put the property on the market.

“There was a time when people said a quarter-block development was the challenge to developers,” said Eric Jacobson, a PDC senior project manager. “I think since then that’s changed and people are interested in parcels of 10,000 square feet.”

It’s not the first time the PDC has entertained offers for the property. In early 2000, developer Jim Winkler proposed an affordable housing project there, but Jacobson said the agency passed because of a large financial gap. Later that year, Harsch Investment Properties – owner of the Director Building to the north – expressed interest in acquiring the lot. That didn’t pan out either.

The lot is zoned for high-density, central commercial use. The PDC does not intend to be a financial partner in its redevelopment, and is looking for two things from potential buyers. Firstly, proposed developments should align with its urban renewal area goals.

“Secondly, we’re looking for the best offer,” Jacobson said.

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