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The city of Portland has authorized the purchase of property near the west end of the Morrison Bridge, between Southwest Naito Parkway and Southwest First Avenue, for $8 million. Plans call for the property to continue to serve as a parking lot.

The Morrison bridgehead property is approximately 3.26 acres. It is currently owned by Morrison Bridgehead LLC.

There has been a consistent conceptual design theme for the site that includes public events, marketplaces and year-round activation, Portland Parks and Recreation property and business development manager Dylan Paul stated during Wednesday’s City Council meeting.

Portland Parks and Recreation sought to purchase the property to supplement its recreational land holdings at Waterfront Park. The acquisition will provide additional parking (the site currently has 300 spaces) for people visiting Waterfront Park or attending events, markets or fairs in the area. Within three years the property could yield an estimated net operating income of $630,000 or more annually, according to a consultant.

There are no plans to redevelop the property, Paul said.

The purchase will be made with System Development Charge dollars previously approved for the appointed purpose.