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Five years after purchasing Portland’s oldest commercial building, John Russell is finally starting the process to renovate it.

The Hallock & McMillan Building, at 237 S.W. Naito Parkway, was constructed in 1857 鈥� two years before Oregon became a state. It eventually was listed on the National Register of Historic Places. However, shortly after World War II, the building’s owners removed the historic cast iron facade. And in recent years, the building has lacked commercial use.

But Russell, founder of Russell Development Co., decided six months ago that the time was right to seek city approval for a revitalization project. That was when a prospective tenant declared its love for the Hallock & McMillan Building, offering to pay $50 per square foot to lease it. The problem was that Russell couldn’t refresh the 4,525-square-foot building within the prospective tenant’s time frame.

鈥淚t was a fabulous tenant 鈥� exactly what the building should have,鈥� Russell said. 鈥淭hey were really excited about the value and the visibility of what that building would offer them. But they needed it in a certain time and because of all the review processes, we couldn’t deliver it. I said, 鈥榃e need to get the ability to deliver that building for a tenant.’ 鈥�

Russell believes he is six weeks away from getting land use approval and that he will be able to apply for a building permit soon after. He said that, in theory, the building could be available by July 1, 2016.

Right now, the Hallock & McMillan Building is occupied by Zena Zezza, a contemporary art enterprise. Russell and Sandra Percival, Zena Zezza’s director and curator, began talking about the space being used for a contemporary art project in spring 2014. By fall 2014, Russell had donated the space to Zena Zezza and the first exhibition had taken place.

鈥淚t’s been a phenomenal space to use as far as exhibitions and art,鈥� Percival said. 鈥淛ohn has been incredibly generous. And it’s always a great opportunity to give a building a life rather than having it sit dormant, where now it has another memory in it and another history as a contemporary art space.鈥�

Russell plans to restore the Hallock & McMillan Building’s exterior 鈥渢o precisely what it looked like,鈥� before the historic cast iron facade was removed. The interior will retain original brick and wood floors.

One of the biggest challenges will be a seismic update.

鈥淚t’s a little bit complicated, but we have a dedicated owner who really wants to preserve the building and the historic nature,鈥� said Robert J. Grummel, principal at Grummel Engineering LLC. 鈥淗e’s putting in a lot more money than can be justified by rents to restore an old building. It’s just wonderful.鈥�

The project is expected to add value to four adjoining buildings owned by Russell. He also believes that the Hallock & McMillan Building will provide a tenant the kind of space now popular in Portland.

鈥淚t’s the type of building that’s in the highest demand right now for high-tech tenants, startup tenants,鈥� he said. 鈥淚t’s got high ceilings, exposed brick walls. That’s what people want if they can find it.鈥�