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Got an extra $6 million? A 102-year-old historic former fire station in Northwest Portland is right on the MAX line, was built in the 20^th Century Italian Renaissance style and needs several million in structural and seismic upgrades before it鈥檚 fit for habitation, but it鈥檚 up for grabs.

The Portland Development Commission on Thursday issued a request for interest for the acquisition and redevelopment of a property at 510 N.W. 3rd Ave. in Old Town Chinatown. The two-story brick building constructed in 1913 was originally used as the Portland Fire Department鈥檚 Engine House No. 2, according to city records. The mostly brick structure features a decorative cornice, a round arched opening with French doors that open onto a wrought iron balcony above two bay doors.

It鈥檚 a classic building that needs a lot of work, said PDC spokesman Shawn Uhlman.

鈥淲e tried to make it very clear in the proposal that if someone wants to come in and renovate this property it鈥檚 going to take a substantial amount of money,鈥� he said.

PDC acquired the property in 1987. It was last used as office space, but has been vacant since 2000 due to structural and code issues. In 2010, Portland Fire and Rescue placed the structure on the city鈥檚 unsafe building list.

According to evaluations completed in 2014 by PDC, redevelopment would include about $500,000 in seismic upgrades; nearly $400,000 in mechanical, electrical and plumbing upgrades; and between $5.3 million and $5.5 million to address concerns with possible differential settlement and liquefaction during an earthquake by construction of either a mat foundation or drilled piers, according to the RFI.

鈥淲hat? That seems really high,鈥� said Jill Sherman, vice president of Gerding Edlen. 鈥淭hat just seems like a huge amount.鈥�

If that sounds like a big chunk of cash, don鈥檛 worry: PDC is here to help.

鈥淧DC recognizes the financial challenges with renovation and adaptive reuse of the Old Fire Station building and anticipates some level of public investment will be required to preserve and restore this historic resource,鈥� according to the RFI. 鈥淎lthough PDC鈥檚 strong preference is for the existing building to be renovated and returned to active use, this may not be financially feasible due to the existing building and subsurface conditions.鈥�

PDC, in the district鈥檚 five-year action plan, identified $19 million in the current fiscal year and $57 million over five years for job creation, district livability and built environment. The commission is also committed to helping the selected developer access alternate sources of funding and will reimburse the developer for environmental remediation costs, as the property is part of a former rail yard and contains contaminated soils.

Then-Portland Mayor Harry Lane in 1906 used his political influence to get the deed for the fire station from the railroad company that owned it, according to records from the city鈥檚 Historic Resource Inventory. 聽Lane learned that the owner 鈥� Northern Pacific Terminal Co. 鈥� had laid tracks near Northwest Irving and Kearney streets without first obtaining a franchise to do so and was running its trains illegally to the Steel Bridge. Lane called the company鈥檚 manager and said the city would dig up the tracks if the company refused to deed the land for the fire station to the city. By September of the same year, according to records, Lane had the deed and the railroad had its franchise.

The 33,580-square-foot, wedge-shaped property is sandwiched between the railroad and MAX light-rail lines and is zoned as Central Commercial. The unreinforced masonry engine house is 6,692 square feet with a 945-square-foot basement.

鈥淭he bottom line is that it鈥檚 a challenging site. That鈥檚 why it鈥檚 been sitting boarded up for so long,鈥� Sherman said. 鈥淚f PDC provides financial help, that may be a way to make redevelopment pencil out.鈥�

Interested developers must attend a pre-submission site tour 鈥� two are scheduled for 9 a.m. on Monday, Feb. 23 and Tuesday, Feb. 24 鈥� before submitting a statement of interest. To schedule a tour or ask questions, contact Eric Jacobson at 503-823-3306 or at [email protected].

Proposals are due by 5 p.m. on Friday, March 20 and may be submitted via USPS or email. PDC expects completion of submission evaluations by the end of April and plans to enter into a memorandum of understanding with the selected developer by June 2015.