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Portland is seeking a $15 million grant from the United States Department of Transportation to fund local streets at Broadway Corridor.

The Portland Bureau of Transportation is designing two new urban streets, NW Johnson and Kearney, and a new traffic signal critical for 4 million square feet of mixed-use, urban development at the former USPS site in Portland’s Central City. Most of the properties within the Broadway Corridor are owned by Prosper Portland, including the 14-acre former U.S. Postal Service site, which is jointly owned with the Portland Housing Bureau.

While the city has a funding and finance plan for Broadway Corridor improvements, staff have identified a federal funding opportunity through the U.S Department of Transportation’s Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grant to offset local financial commitments.

Portland City Council’s ordinance, passed Wednesday, authorizes PBOT and Prosper Portland to submit a grant application to the United States Department of Transportation, which would award up to $15 million for the ongoing redevelopment of Broadway Corridor, including development at the former USPS site, which could include affordable housing. Demolition of the former USPS building took place last week.

Steve Szigethy, PBOT capital division manager, said during the city council meeting Wednesday that this is the bureau’s second attempt at the RAISE grant, as they applied for it last year as well. The grant would go toward building the extension of NW Johnson and Kearney Streets.

The total project budget is $22 million. The $15 million RAISE grant would be matched by $6 million in Local Improvement District revenue and $1 million in Systems Development Charges. While the city can pay for the project, the grant would help reduce the city’s financial committment by paying for much of the project. If the city does not receive the grant, it would revert to the council-approved funding and finance plan, which includes funding from PBOT SDCs, Prosper Portland land sales and LIDs.

RAISE grant applications are due Feb. 28.

In the fall, PBOT plans to issue a best value request for proposals for street construction. Szigethy said that contracting method will allow PBOT to meet community benefit agreement goals around equitable contracting and to select a qualified contractor for the project.

Street construction is scheduled to begin in February 2024 and be completed in August 2025. Phased development of new office and housing towers will follow for the next 15 to 20 years. The construction of a new park and the Green Loop bike and pedestrian pathway will also be phased in during that timeframe, according to the project’s website.