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The Portland Diamond Project has reached an agreement to purchase Zidell Yards, a 33-acre site in the South Waterfront District, for a future major league ballpark, the group announced Tuesday.

The agreement, a letter of intent and term sheet signed by both the Portland Diamond Project (PDP) and the Zidell family, represents the most concrete step yet to securing a ballpark site after years of repeated efforts.

The PDP team previously considered properties including the Port of Portland鈥檚 Terminal 2, RedTail Golf Center in Beaverton, and the Lloyd District.

鈥淚t鈥檚 been a journey,鈥� Craig Cheek, PDP鈥檚 founder and president, told the 91视频. 鈥淪ecuring real estate is one of the more complicated parts of the puzzle 鈥� your road map to secure an MLB team.鈥�

This time is for real, Cheek said.

鈥淭his is a way more confident expression because we鈥檝e entered into a signed letter of intent and terms agreement,鈥� he said. 鈥淲e have every sign that this will be our home and where a team will be.鈥�

Now, a due diligence process is anticipated to take 120 days.

鈥淏oth parties are excited to finally make this marriage happen, so we鈥檙e going to move appropriately to get everything ticked and tied,鈥� Cheek said.

The move to purchase Zidell Yards comes as Major League Baseball considers expansion. Now at 30 teams, expanding to 32 teams would allow the league to simplify its playoff format while growing its business.

Baseball Commissioner Rob Manfred has said he would consider expansion once ballpark situations in Tampa Bay and Oakland are settled. The Tampa Bay Rays reached an agreement last year with the city of St. Petersburg and Pinellas County to build a $1.3 billion ballpark on the same site as the existing Tropicana Field. Meanwhile, Oakland Athletics owner John Fisher will move his team to a minor-league ballpark in Sacramento, California, for the next three seasons, with a potential move to Las Vegas to follow.

PDP is open to either an expansion team or a relocated team, 鈥渂ut we鈥檝e always assumed expansion would be the most logical fit,鈥� Cheek said.

PDP鈥檚 agreement appears designed to signal to MLB that the Portland group is a serious, well-organized suitor. The group has 42 months to complete the purchase, according to the announcement.

PDP had previously considered Zidell Yards, and circled back when the property became available again, Cheek said.

鈥淚n conversations with Jay (Zidell) and the family, it just felt right to cement the deal,鈥� he said.

The Zidells had quietly held talks with an Oakland A鈥檚 go-between before Fisher became focused on Sacramento and Las Vegas.

The Zidell Yards property has awaited redevelopment proposals for the past six years. In 2018, a major mixed-use redevelopment plan by the Zidells ran aground after the family and Mayor Ted Wheeler could not agree on the size of a public infrastructure subsidy. A development agreement first reached in 2015 between ZRZ Realty and Prosper Portland was mutually terminated after projected costs climbed beyond the city鈥檚 $53 million commitment. The Zidells had planned to build approximately 5 million square feet of residential, office and retail space.

That was followed by the property hosting a series of temporary events.

Attempts to reach Jay Zidell, president of Zidell Companies, for comment were not successful.

鈥淭here have been numerous proposals over the years on what should become of Zidell Yards,鈥� he stated in a news release. 鈥淚 think the potential for a future professional baseball stadium is an ideal use of the land. Who wouldn鈥檛 want to watch baseball with the Willamette River as the backdrop?鈥�

Mayor Ted Wheeler, in the release, called the development 鈥渁 tremendous opportunity to shape our waterfront, create new economic opportunities and build a vibrant and sustainable neighborhood.鈥�

Transportation infrastructure around the stadium may need expansion to serve an MLB stadium. Current MLB stadiums鈥� capacities range from 34,830 to 56,000 鈥� significantly larger than the capacity of the Portland Trail Blazers鈥� Moda Center (less than 20,000) or the 25,218 for Providence Park when hosting the Timbers and Thorns.

Cheek envisions an east-facing baseball stadium on the Willamette River鈥檚 west bank, with views of Mount Hood. Batters would be able to hit home runs into the river, mimicking a popular element at stadiums such as Oracle Park in San Francisco and PNC Park in Pittsburgh.

鈥淲e鈥檝e loved the idea of being on the waterfront with the ballpark,鈥� Cheek said. 鈥淚t鈥檚 just a spectacular location given the backdrop of our wonderful Willamette River. We just think it鈥檚 the best site that we can possibly find.鈥�

It鈥檚 unclear to what extent the Zidells and Major League Baseball may request a public subsidy.

鈥淲e know that it is going to be primarily privately funded,鈥� Cheek said. But, he added, expansion fees and construction costs have gone up, and MLB will 鈥渨ant to know the city and the county have skin in the game and will be supportive.鈥�