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The Oregon Ballet Theatre building in Southeast Portland is on pointe for demolition.

Mill Creek Residential Trust‘s Portland office is negotiating to buy the 74-year-old building for an undisclosed amount, said Sam Rodriguez, the office’s managing director.

The ballet company will occupy the 14,000-square-foot building at 818 S.E. Sixth Ave. for about another year while its administrators look for a new home, Rodriguez said.

Mill Creek has hired SERA Architects to design a new mixed-use building for the site, though no plans have been drawn up yet. The architect has applied to the Portland Bureau of Development Services for a pre-application conference to discuss design options. No date has been set for the conference.

鈥淭he development is very preliminary,鈥� Rodriguez said. 鈥淲e’re doing the environmental and geotech analysis now.鈥�

Rodriguez said the development firm will demolish the existing building and start from scratch, erecting a six-story structure with about 220 studio, one-bedroom or two-bedroom apartments, retail space on the ground floor and approximately 125 below-grade parking spaces.

鈥淲e’re looking to see if a large or midsize box store could go in on the ground floor,鈥� Rodriguez said. 鈥淭here would be about 10,000 square feet of retail space.鈥�

The existing building housed a Wells Fargo bank branch before the ballet company purchased and remodeled it, Rodriguez said.

Calls to Oregon Ballet Theatre were not returned by press time.