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The team developing the Williams & Russell project in North Portland is planning to break ground on its first phase in May 2025.

The Prosper Portland Board of Commissioners on Wednesday authorized issuance of a forgivable loan up to $10 million to Williams & Russell Community Development Corporation and Black Business Hub LLC for environmental remediation of the project site. Any money remaining afterward will be used for predevelopment and construction of the Black Business Hub on a portion of the site.

Development is planned for an approximately 1.7-acre vacant block bordered by North Williams and Vancouver avenues and Russell and Knott streets. The property, currently owned by Legacy Health, was a was a vibrant part of the predominantly Black neighborhood during the 1940s, 鈥�50s and 鈥�60s. In the early 1970s, the Portland Development Commission (now Prosper Portland) and the city of Portland condemned the site to allow expansion of the Legacy Emanuel Hospital campus. The expansion was never realized, and in 2017, Legacy Health, the city of Portland and Prosper Portland committed to initiating a process ensuring the land would gain uses that recognize the site鈥檚 history and benefit the Black community, according to a Prosper Portland board report.

Williams & Russell CDC plans to deliver three projects: approximately 80-90 units of affordable apartments (developed and owned by Portland Community Reinvestment Initiatives, or PCRI), 20 homeownership units (developed by Adre), and a 30,000-square-foot Black Business Hub (developed by Adre and owned by Black Business Hub LLC), along with a public plaza and garden. The project team also includes LEVER Architecture and general contractor Colas Construction.

Williams & Russell CDC is continuing to engage with Legacy Health for the land transfer, said Amy Nagy, development manager at Prosper Portland.

Currently, predevelopment includes design and engineering work, an environmental site survey, partitions, entitlements and more. Williams & Russell CDC is working with Legacy Health to get the site to a reasonable condition, and the Prosper Portland investment will help pay for that.

The site will likely require full excavation and soil removal. The remediation work needs to be done before new construction (homeownership units first) begins in May 2025. The estimated remediation cost is $7 million-$13 million.

The $10 million loan will be forgivable as certain milestones are met, said Kay Little, Prosper Portland鈥檚 asset and investment manager.

鈥淚f for some reason there is a portion of it that is not forgiven because a milestone hasn鈥檛 been reached, (the loan) will have a 10-year payment term with those payments starting once the project has stabilized,鈥� she said.

The Portland Housing Bureau also has committed $2 million toward the remediation work.