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Prosper Portland is preparing to take over approximately three-quarters of a block in Old Town Chinatown, with long-term plans to offer the property for redevelopment.

The site is Block 25, a 0.62-acre parcel that has been used for parking by NW Natural. The utility company is decamping from its building nearby, One Pacific Square, for a new office at 250 S.W. Taylor St.

Prosper Portland plans to move toward issuing a request for proposals. The agency will reach out to the Old Town Chinatown community, spokesman Shawn Uhlman said.

鈥淲e’re looking at a robust process over the summer months and the early fall,鈥� he said. 鈥淭hat could help define what goes into an RFP 鈥� probably, it will end up being an RFP at this point. That, I would assume, would probably be in late fall.鈥�

Block 25 is bounded by Northwest Third and Fourth avenues and Flanders and Glisan streets. The block is northwest of Lan Su Chinese Garden. NW Natural was given the right to use 116 parking spaces on the lot as part of the utility’s 99-year lease agreement with the city for construction of the Chinese garden in 1995.

The parking agreement will terminate 60 days after NW Natural vacates, which is anticipated sometime in 2020. The city gets revenue from evening and nighttime parking on the block.

Two other properties on the block are owned by Blanchet House 鈥� a charity group that offers meals and housing. No changes are planned to those properties for now.

鈥淲e’ll certainly track what their plans are as we’re thinking about redevelopment, and I’m sure it will come up in the community as well,鈥� said Lisa Abuaf, development manager for Prosper Portland.

At an April 11 meeting, Prosper Portland approved an intergovernmental agreement to accept conveyance of the property from the city’s Office of Management & Finance.

Future redevelopment of the block is seen as part of an action plan to revitalize Old Town Chinatown. Earlier portions of the plan included redevelopment of the Society Hotel and Block 8L at Northwest First Avenue and Davis Street.

The area is part of a historic district with design guidelines required for any redevelopment.