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Portland Development Commission is searching for a reset on Centennial Mills, a downtown waterfront property that has seen a series of false starts.

On Wednesday, the PDC hosted an open house to give an update for industry professionals and neighbors.

CBRE is representing the city agency as the listing agent with brokers Cara Nolan and Graham Taylor. The property most likely will be marketed for four to six weeks, followed by a call for offers, Nolan said.

Multifamily and office development could be the best fit, but at this point, backers are open to ideas.

鈥淲e’re going to let the market decide,鈥� Nolan said.

The project has been in limbo since November, when the PDC pulled out of a memorandum of understanding with Jordan Schnitzer‘s Harsch Investment Properties.

Matt Johnson with KPFF Consulting Engineers said everyone involved in redevelopment of the property is waiting for a developer to come through with the right solution.

鈥淚t’s a chance to try again, step up again and see what can be done,鈥� he said.

Mark Edlen, a PDC commissioner and chief executive of Gerding Edlen Development, said plenty of enthusiasm exists for a Centennial Mills project.

鈥淥bviously, there are a lot of competing interests,鈥� he said. 鈥淥ur job is to sort through those and come to the best decision.鈥�

The PDC also wants public space as part of the mix, including a possible Greenway Trail connection.

Neighbors who attended the evening open house said they were tired of the drawn-out process and resulting uncertainty.

鈥淚’m disappointed PDC has been on again, off again so many times on this,鈥� said Steve Young, who lives in Waterfront Pearl.

Young also served on the citizens advisory committee for The Fields Neighborhood Park. He is among residents who are keen to enhance public access to the river, as well as the views from their windows.

鈥淚 trust that the heights will be in keeping with the stepdown idea, where the highest building isn’t right at the water’s edge,鈥� he said.

Centennial Mills’ second act has faced long delays. The PDC acquired the property in 2000 from ADM Milling Co. A framework plan was completed in 2006. A first phase of selective demolition is under way; warehouse and elevator structures are being dismantled.

Eric Foster, another Waterfront Pearl resident, said he’s been watching the demolition since he moved in. He agreed that the process was too drawn out, and Wednesday’s meeting didn’t appear to move things forward.

鈥淲e’re disappointed,鈥� he said. 鈥淲e thought a developer would be presenting us his ideas, and the PDC would be telling us about the options.鈥�

A looming question is whether the site’s historic stone buildings can be preserved. The PDC estimates that redevelopment of the flour mill at 45,000 gross square feet would cost $19.7 million, while redevelopment of the feed mill at 21,500 gross square feet would cost $10.8 million.

The ongoing demolition is leaving those buildings alone for now.

Johnson said that both concrete buildings have fared best among those on the property, but they’re in poor shape nevertheless.

鈥淚t would take an extraordinary effort to save them,鈥� he said.