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Prosper Portland has reached a disposition and development agreement to sell the Centennial Mills property in Northwest Portland to a development team with local experience.

The city agency plans to sell the 4.4-acre property for $13 million, pending board approval. The buyers are the same development team behind the nearby River North project: Handson Equities LLC and its principal, Orlando Montero; Emanuel Yashari of Yashari LLC or Emma Corp.; and MLR Ventures LLC, led by principal Tim Ralston.

The proposed sale and development agreement is slated to be approved by Prosper Portland’s board on Wednesday. It would bring to a close a halting 20-year effort to find a use for the shuttered flour mill property.

The city purchased Centennial Mills in 2000 to provide open space. After some residents objected to demolishing historic structures on the property, Prosper Portland shifted gears to redevelopment.

Various developers, including LAB Holding, Harsch Investment Properties and Lynd Opportunity Partners, made redevelopment moves that were ultimately unsuccessful.

The River North team’s vision for the property is a mixed-use development, according to a staff report. Any inclusionary housing requirements would be met on-site.

Prosper Portland officials, in consultation with Capacity Commercial Group, decided the prospective buyer’s offer was reasonable, according to the staff report.

鈥淭he buyer is also uniquely positioned relative to the other offers due to demonstrated experience in waterfront development within the immediate vicinity, including the River North project located to the north of Centennial Mills, which includes a combination of townhomes, condominiums and apartments,鈥� the report states.