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Security Properties is moving forward with its superblock project at the site of a former PepsiCo bottling facility near Northeast Sandy Boulevard with a focus primarily on housing.

The Seattle developer recently requested a pre-application conference with Portland Bureau of Development Services staff to discuss zoning at the site.

鈥淢ost of the property is likely to be housing, but there’s likely to be significant amounts of both retail and office,鈥� said John Marasco, chief development officer at Security Properties.

Security Properties bought the 4.7-acre property encompassing four city blocks from PepsiCo in August 2017 for $27 million, according to public records. The property encompasses four city blocks off of Sandy Boulevard between 25th and 27th avenues.

Security has forged a financial partnership with a Chinese firm, Beijing Jade Investment Group, for the project.

The property has 1.2 million square feet of developable area. The floor area ratio, which governs possible building heights, for the site is 5-to-1.

Marasco said he’s unsure how many housing units the property could support.

鈥淲e’re doing our homework to figure out how we want to allocate that density,鈥� he said.

The superblock site is likely to be developed in phases, Marasco said.

鈥淲e really like how that neighborhood’s developing,鈥� he said. 鈥淏ecause of the size of the property, we thought it would be a good idea to plan something where we could develop some of it now, and continue to develop it as the neighborhood continues to gentrify.鈥�

Retail development in the Northeast Portland corridor and quick access to downtown will be attractive to future tenants, Marasco said.

Security Properties has shown an ability to develop big projects in Portland, including the Heartline mixed-use project in the Pearl District and the 24-story, 337-apartment Press Blocks tower set for Goose Hollow that has received the City Council’s blessing.

Security has worked with Mithun, a Seattle architecture firm, on each Portland project. Mithun is involved in the PepsiCo project as well, but Marasco said there’s a chance other architecture firms could be brought in later to design individual buildings.

Marasco, who grew up in Portland, said Security Properties has kept a close eye on growth here.

鈥淚t’s a market we’ve followed for quite some time,鈥� he said. 鈥淚t’s seen a lot of growth and has a lot of momentum, and we’re excited to be part of the new growth there.鈥�

Since buying the property, Security has agreed to a lease-back arrangement with PepsiCo to give the soda bottler time to move its operations.

The proposal may be the first development subject to Portland’s Mixed Use Zones Project and Map Refinement Project聽as part of the 2035 Comprehensive Plan.

Developments of 2 acres or more can be awarded bonus height in exchange for providing affordable housing and public open space as well as adhering to other design guidelines.

Security Properties is the first developer to come to the city with a large-site project that would be subject to the master-planning process, said Marty Stockton, a city planner.

鈥淲e don’t have a lot of 2-acre sites in the city,鈥� she said. 鈥淭hey’re pretty rare.鈥�

Marasco said he’s eager to learn more from city staff.

鈥淲e’ve got a lot of questions because I think it will be the first project that’s gone through the master plan that would be subject to rezone,鈥� he said.

Editor’s Note: An earlier version of this story inaccurately stated the development would be subject to the Central City 2035 Comprehensive Plan. The project site is outside the Central City.