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A Japanese hotelier is looking to establish a West Coast foothold in downtown Portland.

The Portland Development Commission‘s board at its latest meeting approved the proposed sale of a vacant parcel at Southwest Oak Street and Third Avenue to Toyoko Inn Economy Hotel. It intends to construct a thrifty, 鈥淛apanese style鈥� hotel for business travelers.

The PDC and Toyoko are now negotiating a definitive $1.02 million agreement.

The 0.23-acre parcel and two adjacent lots comprise Portland’s 鈥減olice block鈥� 鈥� the one-time home of Portland’s fire and police departments. The city vacated the block in 1984 and the next year declared its eight tax lots surplus.

The PDC purchased the property at 209 S.W. Oak St. in 2002, and demolished the existing jail annex building three years later. The agency tried for years to add housing there, but was hampered in part by a neighboring parking structure that crosses partially under the property. That structure serves the Westshore Apartments, and the PDC for years made annual payments to the parking operator. Toyoko will now assume those reimbursements.

The PDC’s board voted in February 2015 to sell the property. The agency received three offers by its deadline.

Architect Tamio Fukuyama of Portland firm Mackenzie and attorney Jeff Wolfstone of Lane Powell represented Toyoko at the PDC hearing. Both said they were not authorized to talk about the project.

Toyoko, with most of its 240 hotels in Japan, is that country’s largest hospitality operator, according to information it supplied the PDC. The company wants to build on the Portland property its first West Coast hotel 鈥� a 鈥渓imited service, modern Japanese inn鈥� geared toward business travelers and holding between 300 and 400 rooms.

Plans call for project completion in June 2018.

The PDC in recent years has boosted its commitment to attract foreign dollars, according to spokesman Shawn Uhlman.

鈥淭his is the most prominent example of (direct foreign investment) that I can think of,鈥� he said. 鈥淭his is broader than the actual property itself. The PDC has done a lot of work 鈥� particularly with Japan, but other countries as well 鈥� making them aware what Portland has to offer as a city, but also opening them up to opportunities to invest in Portland.鈥�

Along with companies in Japan, the PDC has reached out to some in Colombia and China, Uhlman said.

鈥淏ut I think we’ve seen the most real results with Japan,鈥� he said.

The PDC has also connected Portland firms 鈥� including architecture firms ZGF and Place Studio 鈥� with opportunities in Japan, Uhlman said.