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The Portland Development Commission Board of Commissioners last week unanimously approved the sale of the Grove Hotel property in Old Town Chinatown to Portland-based Naito Development for $630,000.

The PDC has owned the 27,570-square-foot building on West Burnside Street since 2010, PDC spokesman Shawn Uhlman said. The sale should be finalized within the next four months, and will likely happen quicker than that, he added.

PDC officials earlier this year selected a proposal from Naito Development in partnership with New York-based Eagle Point Hotel Partners and San Francisco-based Filament Hospitality to redevelop the property into a boutique hotel. The proposed $6.9 million project calls for a 52-room 鈥渄esign-oriented lifestyle鈥� hotel with ground-floor retail space.

Uhlman said PDC officials are hoping that the project will contribute to revitalization of Old Town Chinatown.

鈥淲e, the PDC, are just really pleased with this (development) team, and we’re really optimistic with what they’re trying to do,鈥� he said. 鈥淭he vibe of the neighborhood will be significantly changed.鈥�