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After more than three decades, a is coming near the Oregon Convention Center.

Arrangements for bond funding are expected to close Aug. 8, with demolition and other prep work on the site north of the convention center set to commence shortly after, said Tom Lander, executive vice president for Mortenson.

Mortenson closed on its $165 million construction loan. Regional government body Metro, which operates the convention center, is in the process of selling $60 million in bonds.

Lander expects Mortenson to hand over the property to Hyatt at the end of 2019. The hotel is scheduled to open to the public one month later.

He’s confident the firm will be able to weather the labor shortage gripping the construction industry during this period of unprecedented growth.

鈥淢ortenson has had an office in the Northwest for more than 30 years,鈥� he said, referring to the design-builder’s Seattle office. Mortenson opened a Portland office around six years ago.

鈥淲e have a strong presence in the Portland market. We have a strong relationship with the local unions, and we have identified our subcontractors and we feel that we are in a good position to advance the project. But it is a challenging market and it’ll be a fun build.鈥�

The $240 million building will have 600 rooms, a market, a bar and a restaurant. The 14-story hotel will be located on two blocks just north of the Oregon Convention Center in the Lloyd District. A parking garage with 419 spaces is being developed with the help of Prosper Portland.

TriMet‘s MAX light-rail train already has a station that will be between the convention center and the 440,000-square-foot hotel.

Of the total project cost, around $170 million will be covered by Hyatt, $60 million by Metro bonds, $10 million by the Oregon Lottery and $4 million by Metro grants.

Economic development interests in the area have tried since the late 1970s to recruit a large-capacity hotel to the convention center Urban Renewal Area. The most recent effort to delay the project was a set of legal challenges by a rival developer. The matter was settled when Metro agreed to allow that developer, Gordon Sondland, to control a nearby parking structure.

Hyatt Regency Hotel

Size: 440,000 square feet

Cost: $240 million

Contractor: Mortenson

Design: ESG Architects, Mayer/Reed Landscape Architecture, Hyatt