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The developer of a planned 4.7-acre superblock property off of Northeast Sandy Boulevard is proposing a dedicated pedestrian path and a public plaza as part of the mixed-use development.

Security Properties, based in Seattle, is also proposing to retain the existing Pepsi Pavilion building after requests by neighbors and architecture enthusiasts.

鈥淎 lot of people think it’s a good idea to retain that if we can figure out how to do that,鈥� said John Marasco, chief development officer for Security Properties.

The pavilion building would likely be used as retail space, Marasco said. 鈥淵ou might be able to do some mezzanine space, but really the idea is an open concept retail area,鈥� he said.

The 1962 building with a vaulted design was included in the city’s 1984 Historic Resource Inventory as a significant example of 鈥淔ifties modern鈥� architecture.

Security Properties and architect Mithun, also of Seattle, are scheduled to go before the Portland Design Commission on Thursday with preliminary plans for the site.

鈥淲e need to get in front of the design review board and see if they buy into our concept plan for the site or if we have to go back to the drawing board,鈥� Marasco said.

Some previously unreported aspects of the project have emerged in public documents and interviews. Though subject to change, the early plans give an idea of the developer’s intentions for the vast site within reach of downtown Portland. The design advice hearing will deal with massing and site plans; designs for individual buildings will wait for a later hearing.

Security Properties is proposing a Woonerf 鈥� an active alleyway intended primarily for pedestrians that is common in the Netherlands 鈥� to enable access through the four-block site.

鈥淲e like the idea of reestablishing that east-west connection, but we don’t want it to be a cut-through for cars,鈥� Marasco said. 鈥淪o our idea is to do a highly landscaped Woonerf, which is where pedestrians and cars can cohabitate, but is mainly intended for people and bikes.鈥�

Security Properties previously employed a Woonerf at Peloton Apartments on North Williams Avenue.

The developer is also studying how to incorporate affordable housing at the former PepsiCo bottling plant site. Marasco suggested Security is interested in providing units affordable at or below 60 percent of area median income.

The city’s inclusionary housing policy requires developers to provide 15 percent of a project’s units at 60 percent of area median income, or 20 percent of units at 80 percent of area median income. Developers also have the option of paying a significant fee in lieu of providing affordable housing on site.

鈥淎t this point, we haven’t made a decision,鈥� Marasco said. 鈥淲e’re actually looking at the potential to do housing at or below 60 (percent of area median income) as opposed to doing it at or below 80. The other thing we’re looking at is satisfying the entire low-income requirement in the first phase.鈥�

The first phase would also have market-rate units, Marasco said. 鈥淲hat we’re looking at is truly mixed use and mixed income,鈥� he said.

Security Properties purchased the superblock from PepsiCo in August 2017 for $27 million, according to public records. The property at 2505 N.E. Pacific St. encompasses four city blocks off of Sandy Boulevard between 25th and 27th avenues.

Financing is increasingly difficult to secure, Marasco said.

鈥淧robably the most significant (hurdle) is how you finance it,鈥� he said. 鈥淚 would say because of the perception of overbuilding there that the lenders are a bit more cautious today. If you have any sort of weak financial statement, it’s going to be tough to finance a project.鈥�

The Pepsi superblock project fits a trend of larger projects moving forward as developers look to achieve profitability with scale. Neighborhood groups have in some cases fought the developments, forcing delays and design changes. The Kerns Neighborhood Association did not respond to an inquiry regarding the PepsiCo blocks proposal.

Sandy Boulevard has seen more investment from developers looking to build housing and high-revenue office space in underdeveloped areas from Goose Hollow to the Central Eastside Industrial District. Security is awaiting building permits to begin work on a 24-story mixed-use apartment tower at the Press Blocks in Goose Hollow.