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Specht Development and Colas Development Group are teaming up to develop a 48-acre section of the Gresham Vista Business Park.

The Port of Portland Board of Commissioners on Wednesday approved a master development agreement with the two local companies. The partnership has the option to buy or lease Gresham Vista Lot 5 from the port, which owns the property.

鈥淲e have the option to buy; the port would prefer a long-term lease,鈥� said Greg Specht, CEO of Specht Development. 鈥淓very deal is different. We have the flexibility to go in either direction.鈥�

The Specht-Colas partnership will seek a user 鈥� ideally a manufacturing business, Specht said. 鈥淭his deal with the port does not provide for speculative development,鈥� he said. 鈥淚t’s build-to-suit.鈥�

The companies have formed a joint-venture entity, GV5, a limited liability company.

Specht Development and Trammell Crow previously built projects in Gresham Vista Business Park. The property also includes a synthetic diamond manufacturing plant built for De Beers Group by U.K.-based Gardiner & Theobald.

Colas Construction previously worked for Specht Properties on the renovation of the 220 NW 2nd Building to accommodate Prosper Portland‘s new offices.

鈥淭hey did a bang-up job,鈥� Specht said.

Andrew Colas, president and CEO of Colas Construction, did not return a message seeking comment. In a news release, he stated, 鈥淲e are thrilled to partner with Specht, the Port of Portland and the city of Gresham on this unique development project. We believe this project will set a new standard in the importance of BIPOC Development Corporation inclusion in large-scale developments and could not be more excited to partner with Specht in this pursuit.鈥�

The project will have strict diversity targets and require high-wage jobs. The average wage target is $53,890.

鈥淭hat’s a high bar,鈥� Specht said.

Predevelopment of the project comes as the industrial sector has been a bright spot in a weakening commercial real estate market. Specht, who has long maintained that a dearth of available land restricts industrial development in the Portland-metro area, believes Gresham Vista Lot 5 is special.

鈥淚t’s one of the best remaining greenfield sites for industrial development in the Portland metropolitan area,鈥� he said.