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Continuum Partners, the Denver-based firm that had been set to begin building out the 31-acre Broadway Corridor, will not move forward as developer.

Prosper Portland, in a joint statement with Continuum, stated the agency and developer have 鈥渞eached mutual agreement to聽end聽negotiations鈥� to begin developing the 14-acre former U.S. Postal Service site. The two sides had signed a memorandum of understanding, and were negotiating a development agreement.

Continuum was selected in April 2018 as master developer of the site. Its role was to advise on development aspects, with the expectation that Continuum would have its choice of sites when the project came to fruition. Continuum prevailed over two other developers 鈥� real estate giant Related Companies and McWhinney, which also were selected as finalists. At the time, officials praised Continuum’s 鈥渧ision and values鈥� for the project despite its lack of the deep resources of a larger developer.

The project will nevertheless move forward, Prosper Portland Executive Director Kimberly Branam stated.

鈥淲e聽expect the near-term Broadway Corridor schedule will remain unchanged,鈥� she stated. 鈥淕iven that聽demolition of the post office facility and construction of new streets and utilities are necessary聽prior to聽development of the individual parcels, we聽will continue to focus on those key next steps and will identify one or more development partners in the future.聽We聽look forward to advancing聽this once-in-a-generation opportunity.鈥�

Continuum’s retreat from the project adds to a checkered history of developers engaging with Prosper Portland before walking away. Multiple efforts to preserve and redevelop Centennial Mills, for example, have fizzled.

Mark Falcone, CEO聽and founder聽of聽Continuum聽Partners, stated: 鈥淲e’ve appreciated our聽partnership with聽Prosper Portland聽and the many people聽and聽organizations that聽have engaged in聽the聽project. We’ve been proud to play a role in this values-centered development project.聽But given the reality of a challenging real estate market environment and the complexities of the project, we realized that we need to focus on other projects for now.鈥�

The Broadway Corridor is a broad swath of urban land bridging the Pearl District and Old Town Chinatown. The site is near offices, restaurants and other amenities. The area is expected to become home to a significant complement of affordable housing. Portland Housing Bureau Director Shannon Callahan stated that the goal remains.

鈥淭he city’s commitment to providing affordable housing within the Broadway Corridor remains the same聽and is not impacted by this decision,鈥� she stated.