A vampiric restaurant and nightclub could be the first new business at Centennial Mills, a defunct former flour mill in Northwest Portland.

An early assistance application for Lestat Nightclub to operate at 1362 N.W. Naito Parkway was submitted to Portland Permitting & Development on Nov. 21.

The commercial concept is the latest twist for Centennial Mills, a 4.4-acre riverfront parcel that has long resisted redevelopment schemes.

The nightclub would reside in an existing building that was vacated by the Portland Police Bureau‘s Mounted Patrol in 2017, according to city documents.

That raises questions about the fate of a sweeping redevelopment plan for Centennial Mills that was approved by the Portland Design Commission in October. SERA Architects‘ design for the project, which was officially valued at $80 million, called for three new buildings encompassing 272 residential units and four retail spaces.

The two-story ex-Mounted Patrol building was not part of the plan presented to the Design Commission and would have to be demolished to make way for the new buildings.

Representatives of Lindquist Development, the site’s owner and developer, did not respond to messages seeking comment.

Ryan Wilson, a Vancouver architect who is designing the Lestat Nightclub, said the restaurant-nightclub idea is preliminary.

“At this point, it’s a very conceptual idea,” he said.

No lease has been signed for the nightclub, Wilson added.

Members of the Pearl District Neighborhood Association were unaware of the Lestat Nightclub proposal, said Stan Penkin, a former PDNA chairman and Pearl District resident.

“It’s news to us,” he said.

Penkin said it was concerning to see a different, much-scaled-down plan after the Design Commission approved a major redevelopment.

“It makes me wonder if the developer of the apartments is backing off, which would be extremely disappointing, as you might imagine,” he said.

The parcel is located across Northwest Naito Parkway from Fields Park in the North Pearl District.

The ex-Mounted Patrol building has approximately 38,000 square feet, divided between two floors. The change of use for the restaurant and nightclub would likely trigger a required seismic upgrade, Wilson wrote to Permitting & Development officials in a Nov. 11 letter.

The project would also require new shear walls, and roof and floor diaphragm upgrades, Wilson wrote.

Lestat is the name of Tom Cruise’s character in the film “Interview with the Vampire,” and the Anne Rice novels that inspired the film and TV series.

For more than 20 years, city officials sought to redevelop Centennial Mills. A series of private developers investigated building on the property before backing out of negotiations with the Portland Development Commission and its successor agency, Prosper Portland.

In September 2024, Prosper Portland sold the property to MLR Ventures, controlled by the Ralston family, for $1.25 million. The Ralstons then conveyed the property to an entity linked to Lindquist Development.

The post Vampire-themed nightclub proposed at Centennial Mills appeared first on Daily Journal of Commerce.

Plans to redevelop Centennial Mills received the Portland Design Commission‘s unanimous approval on Thursday.

Three mixed-use buildings are designed for the site, at 1362 N.W. Naito Parkway, along the Willamette River. Buildings 1 and 2 will be five stories and Building 2 will be six stories; all will share 174 below-grade parking spaces. The proposal is to include a total of 272 residential units and four retail spaces in the buildings.

SERA Architects designed the project – valued at $80 million, according to Portland Permitting & Development – for Lindquist Development Co.

The project team participated in a pre-application conference in 2023 and then twice met with the Design Commission for advice. The team submitted a land use application this past August. The first land use hearing was held last month, when the commission delayed voting on the proposal.

The Design Commission approved modification requests to reduce the size of parking stalls, allow non-river-dependent exterior lights for ground-floor residential patios, and allow vehicle access along Naito Parkway. The review included allowing buildings and associated development in the River Environmental overlay zone, ramp and stair access to the river, a public trail, and four stormwater outfalls.

The commission added to the summary a note suggesting the project team acknowledge the Indigenous community in some way regarding the river access, possibly with signage, although it is not a requirement for approval.

During the previous hearing, the commission discussed the issue of human access to the river, the apparent absence of HVAC units on the rooftop, and plans for the existing water tower and a new replica.

The condenser units will be underground in the parking garage, the team explained.

The applicant, SERA Architects, added stairs and a ramp for river access. At the intersection of the Tanner Creek woonerf and plaza and the Greenway Trail, there will be an overlook of the river.

“From that overlook, we’re proposing a concrete, very gentle stair that takes you down to what we’re calling the beach area that is just riverward of the sea wall that is existing currently on the site,” SERA Architects principal Kurt Schultz said.

From that overlook area, the design team has added an accessible path, allowing pedestrians to reach the river in a different location. The path will also be made of concrete.

Commissioner Sarah Vaz asked about widening the pathway to accommodate bicyclists. A 15-foot-wide trail exists now, Schultz said. The design team sees this new path as a pedestrian promenade to the river.

The design team also added a landscaping area with trees to create a buffer against the new pathway. To make the pathway wider, the landscaping strip would have to be narrowed but would still include some trees. Commissioners Zari Santner voiced concern about reducing the size of the landscaping strip and Chair Brian McCarter said widening the pathway is not necessary.

For the water tower, the plan is to create a steel replica of the structure holding up the water tank on the roof of parcel 2. The existing water tank is intended to be salvaged and relocated to the prepared armature. If salvage of the original tank is not possible, a replica tank will be built out of metal with the same details and proportions as the original.

The post Centennial Mills redevelopment OK’d by Portland design panel appeared first on Daily Journal of Commerce.

President Donald Trump‘s announced deployment of the Oregon National Guard to protect federal facilities in Portland focuses attention on a corner of the South Waterfront that has already seen significant protests this year.

Protests have coalesced at 4310 S. Macadam Ave., where U.S. Immigration and Customs Enforcement leases an 18,300-square-foot building. By chance, the ICE facility is located across a narrow driveway from a Tesla dealership where protesters gathered throughout the spring and summer to voice objections to CEO Elon Musk’s role in federal government cuts.

Trump’s plan to deploy 200 Oregon National Guard troops has galvanized opposition in the state. Attorney General Dan Rayfield filed a motion for a temporary restraining order on Monday, seeking to block Trump from federalizing the National Guard members.

“Putting our own military on our streets is an abuse of power and a disservice to our communities and our service members,” Rayfield stated in a news release.

The planned troop deployment caught the attention of Portland’s business community. Anyeley Hallova, founder of developer Adre, said the narrative of Portland streets as out of control — often driven by video from 2020 protests — was false.

“It’s very apparent to me and other leaders in Portland that this is a very deliberate action to come into a peaceful city that’s really on the rise and doing well,” Hallova said in a video posted to social media. “Everything that’s being said about our city is incorrect. The pictures that are being used are over five years old.”

As night fell on Monday, about 30 protesters peacefully demonstrated along the sidewalk at the ICE facility. Local and federal law enforcement personnel monitored the protesters but did not interfere or interact with them. Roads remained open, although a protest encampment occupied a portion of the sidewalk.

The ICE building is owned by the Lindquist Family Limited Partnership, led by longtime local developer Stuart Lindquist. The low-rise office structure, on 1.1 acres, was completed in 2013.

The city has initiated a land-use investigation into whether immigrants are being detained at the facility for longer periods than allowed by city zoning.

Lindquist declined to comment when reached on Monday, and did not respond to written questions. He has long been part of the city’s real estate ecosystem. He began building homes in West Portland in the 1960s and then moved into other real estate sectors.

Separately, Lindquist is part of the development group that has proposed to redevelop Centennial Mills, on the Northwest Portland waterfront. The three-building mixed-use project would hold 272 residential units and four retail spaces. The Portland Design Commission‘s potential approval for that project is pending.

Protests began at the ICE building on June 2, according to the state’s lawsuit. Protesters briefly erected a temporary barrier that blocked the facility’s driveway, but it was quickly cleared by Portland police.

The controversy surrounding the ICE building adds to the strange tableau in the South Waterfront, where its neighbors include the Telsa dealership and an Old Spaghetti Factory restaurant. To the north is the former Zidell Marine land purchased by the Portland Diamond Project for a potential Major League Baseball stadium site.

In between, the neighborhood is dominated by a series of high-rise condo and apartment towers, alongside sprawling medical offices owned by Oregon Health and Science University, a major employer and anchor in South Portland.

OHSU did not answer questions about how the protests and potential troop deployment are affecting its South Waterfront sites. But in a prepared statement, the medical group wrote: “OHSU is actively monitoring the situation relative to impacts to OHSU operations. OHSU is committed to a safe, peaceful environment for our patients, students and staff.”

The South Portland Neighborhood Association did not respond to a message seeking comment on Monday.

Police made 25 arrests between June 11 and June 19 stemming from protests at the facility. No arrests have been made since June 19, according to the lawsuit. But separately, Portland police stated that two arrests were made Sunday. The Oregonian/OregonLive on Monday reported additional arrests of protesters who allegedly pointed a laser at a military helicopter.

The protests, “with some limited exceptions, have been relatively small and sedate,” according to Rayfield’s lawsuit. “And the protests bear no resemblance to the substantially larger and more turbulent protests in 2020 near the federal courthouse in Portland.”

Portland police have even stood down a 50-officer Rapid Response Team because it was not needed, according to the lawsuit.

The state’s lawsuit also expressed concern that the military presence would cause an “economic chill.” In previous urban troop deployments in California and in Washington, D.C., foot traffic dropped, and economic activity was reduced, according to the lawsuit.

Mitch Green, a veteran and District 4 city councilor, criticized what he called the Trump administration’s “unlawful designs for Portland” in a video posted to social media on Monday.

Mayor Keith Wilson was joined on Monday at a press conference by other mayors from the Portland-metro area. He pointed to the state’s lawsuit against the troop deployment as the key to Oregon’s strategy to head off the move.

“The number of troops that we want or need is zero,” Wilson said. Portland would accept federal help, particularly with housing and health care costs, he added. But “this deployment isn’t something we’ve asked for,” he said.

The state’s case was assigned to federal District Court Judge Michael H. Simon, who held a conference call between the parties on Monday. Simon said he will hear Oregon’s motion at 10 a.m. on Friday.

The post Trump’s plan to deploy troops to Portland sparks backlash appeared first on Daily Journal of Commerce.

The team with a long-awaited plan to redevelop Centennial Mills, in Northwest Portland, will have to wait at least four more weeks for potential approval after design commissioners on Thursday punted on a vote.

Commissioners agreed to a request from Portland Permitting & Development staff members who said they need time to write a condition of approval regarding river access, and to tie up other loose ends.

Commissioners had appeared to be on the verge of approving the redevelopment scheme, and a staff report prepared for Thursday’s meeting recommended approval.

The proposal from a local group led by Lindquist Development would transform the largely vacant 4.4-acre parcel at 1362 N.W. Naito Parkway. Lindquist proposes to construct three buildings with 272 residential units and four retail spaces.

Two of the buildings would be five stories, while the remaining building would rise six stories in a five-over-one configuration. Plans call for including 174 below-grade parking spaces.

The developer also has set aside land for open space, including a woonerf — a shared roadway for pedestrians, bicyclists and motorists — a plaza and a staircase that would provide Portlanders access to the Willamette River.

“This has an opportunity to be an iconic moment along the river,” Commissioner Tina Bue said.

The plan also dedicates space for a pedestrian bridge over Naito Parkway. But Kurt Schultz, principal and director of housing at SERA Architects, who is the lead designer for Centennial Mills, acknowledged that there’s no funding in place for the bridge.

Members of the public who testified on Thursday expressed concern about whether the river access would be good enough, and how to ensure Lindquist Development follows through with its promises.

Centennial Mills represents a unique opportunity to give Portlanders access to the river in Northwest Portland, said Sage Bachman, community outreach manager for the Human Access Project, a local advocacy group.

“In reality, there are very few ways for people to physically connect to the river,” she said.

Bachman added that the city’s Northwest quadrant is “completely lacking in public access to the river.”

For design commissioners, the remaining questions were largely aesthetic. Some commissioners said they were torn between a desire to honor the site’s industrial history, while allowing for some design flexibility.

Designers don’t necessarily have to use the darker colors of industry, Bue said.

“Is there a different way to look at color as a response to the environment instead of just harkening back to what was there before?” she said.

The project is up against a ticking clock: A zoning change that will limit the site’s buildable land area will take effect in December. If the project is not entitled by then, the new rule may affect the project’s feasibility, Schultz said.

The project’s extensive public space is “more than adequate,” Schultz said.

“We’re just trying to preserve buildable site area on a very constrained site, and we’re concerned about losing even more buildable area to open space,” he said.

The four-week delay until the commission will again consider the project is only the latest setback for Centennial Mills. Prosper Portland tried for years to entice developers to build on the site after the city took control of the parcel in 2000, only to be repeatedly rebuffed.

Previous developers to consider the site before eventually backing away include Lynd Opportunity Partners, Harsch Investment Properties, LAB Holding, Venerable Properties and Intrinsic Ventures. Finally, in September 2024, Prosper Portland sold the site for $1.25 million to 1362 Centennial Mills LLC (MLR Ventures), tied to Portland developers Tim and Lucas Ralston, washing the city’s hands of the troubled property. The Lindquist group soon took over from the Ralstons.

The Centennial Mills project team is tentatively scheduled to return before the Design Commission on Oct. 16.

The post Centennial Mills redevelopment plan still awaiting approval appeared first on Daily Journal of Commerce.

Three mixed-use developments have been proposed for the Centennial Mills riverfront property in Northwest Portland.

The Bureau of Development Services is set to host on Tuesday a concerning the 4.4-acre site, at 1362 N.W. Naito Parkway. The applicant is Michelle Schulz of GBD Architects.

Prosper Portland‘s board of commissioners recently agreed to a sale of the former flour mill site and its associated parcels for $8.25 million. MLR Ventures will pay significantly less than a $13 million price expected previously.

Early plans submitted to BDS call for three mixed-use buildings featuring multifamily units and retail space. The proposal also includes creation of a greenway trail along the Willamette River as well as a potential pedestrian plaza.

The post Meeting to focus on Centennial Mills’ future appeared first on Daily Journal of Commerce.

Prosper Portland‘s board has approved a $13 million sale of the 4.4-acre Centennial Mills property.

The board’s OK of the disposition and development agreement with a development group that includes Tim Ralston of Portland and two California-based partners kicks off a due diligence period. The developers will begin conceptual design work with GBD Architects and investigate the site.

Prosper Portland received four offers for Centennial Mills. The offer by Ralston’s group wasn’t the highest or the lowest, but it was the only one from a development group with local riverfront experience, said Sarah Harpole, senior project manager for Prosper Portland.

“We felt their offer was probably the most informed by their knowledge of the site,” she said.

Commissioners unanimously approved the agreement during a meeting on Wednesday.

The deal comes after numerous previous attempts by developers to redevelop the defunct flour mill property in Northwest Portland. In recent years, LAB Holding, Harsch Investment Properties and Lynd Opportunity Partners investigated redevelopment but ultimately abandoned those efforts.

The latest suitors include Ralston of MLR Ventures LLC, Orlando Montero of Handson Equities LLC and Emanuel Yashari of Yashari LLC or Emma Corp.

Prosper Portland chose the development team in part because of its experience developing River North, the property immediately north of Centennial Mills, Harpole said. River North includes the 140-unit Riverscape Townhomes.

The developers have not settled on what they will build, Harpole said. If housing is constructed, any inclusionary housing obligations would be satisfied on-site.

The disposition and development agreement allows the developers 10 years to complete the project. Some commissioners expressed concern about the long leash.

“I would just hate to see that property sit for 10 years – 10 more years,” Chairman Gustavo Cruz said.

In 2000, Prosper Portland (then the Portland Development Commission) acquired the property from ADM Milling Co.

Prosper Portland staff wanted to give the developers a “conservative but reasonable back-end date,” Harpole said, particularly given pandemic complications.

The fate of the historic flour mill on the property appears to be sealed. The agreement contains no provision requiring the developers to retain the mill.

“My feeling is that this decision was inevitable,” said Stan Penkin, president of the Pearl District Neighborhood Association. “I know it was an impediment in any developer making a project pencil out. That’s disappointing, because it’s such an iconic historic structure.”

Prosper Portland “kind of went dark on us” after years of communication regarding Centennial Mills, Penkin said.

“This announcement caught us by surprise,” he said. “There was no communication with us that this was in the works.”

Prosper Portland staff will reach out to the neighborhood association and Restore Oregon, Harpole said Wednesday.

The neighborhood association would like to see some affordable housing at the site, Penkin said. The association also wants to ensure a “really significant connection to the river” from the north Pearl District.

Some previous planning efforts envisioned a bridge over Naito Parkway to connect the neighborhood with the riverfront property. Penkin acknowledged construction of a bridge would be expensive and maybe unrealistic, but added that a better connection between the property and neighborhood is necessary.

“I know it’s not a done deal yet,” he said. “When and if it is, I sure hope there’s going to be a really productive and meaningful conversation with the neighborhood (about) what will be there.”

Centennial Mills has various site challenges that have complicated redevelopment efforts. The waterfront location makes below-grade parking infeasible. The property is vulnerable to flooding and was inundated in 1996. Various environmental contaminants – including asbestos, lead, pesticides, creosote and polychlorinated biphenyls (PCBs) – have been found at the site. Some of that has been cleaned up in the past 20 years.

In 2017, a contractor completed demolition of a historic feed mill that was listing and settling, and removed pilings.

Prosper Portland’s board on Wednesday also approved a $1.2 million contract extension with Safeguard Security to provide round-the-clock security at the site. Trespassing has been an ongoing issue for Centennial Mills.

Prosper Portland spends approximately $450,000 a year in carrying costs at the site, Harpole said.

The $13 million purchase would give Prosper Portland additional funding in the River District, an area that also includes Broadway Corridor. In September, Continuum Partners walked away as developer of the initial blocks of the U.S. Postal Service site, although the Denver firm is remaining a development adviser.

The post Troublesome property attracts more suitors appeared first on Daily Journal of Commerce.

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.

“The 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,” the report states.

The post Another team poised to attempt to redevelop Centennial Mills appeared first on Daily Journal of Commerce.

Centennial Mills has been left jilted yet again, and city leaders will have to wait for another developer to revitalize the Northwest Portland riverfront property.

Lynd Opportunity Partners, the San Antonio-based developer that had entered into exclusive negotiations with Prosper Portland to develop the Centennial Mills site, has backed out of the deal, Prosper Portland Executive Director Kimberly Branam informed city commissioners in a letter sent April 17.

Lynd’s exit follows a procession of other developers – including Harsch Investment Properties, LAB Holding, Venerable Properties and Intrinsic Ventures – that have evaluated Centennial Mills for development potential before backing away. The city purchased the property in 2000. Lynd was selected from among five finalists in a 2017 search for development partners.

Prosper Portland’s next step may be to check in with the other firms, Branam said.

“We haven’t yet decided what our next steps are going to be, but I think we are interested in seeing whether any of the previous parties that expressed interest remain interested,” she said.

The property still holds development potential despite existing obstacles, Branam said.

“We now have a lot more certainty on what it’s going to take to make a development work,” she said. “I’m optimistic that the next development partner will be the development partner to make it work.”

Lynd’s development plans and cost expectations changed during the course of negotiations, Branam wrote in her letter to commissioners. The cost of repurposing the historic flour mill was among the challenges, Branam wrote.

When Lynd was selected, an executive boasted about the waterfront views that would sell residential and retail space. Lynd engaged SERA Architects, landscape architect Mayer/Reed and law firm Stoel Rives on the project. A Lynd development executive did not return messages seeking comment about the news, which was first reported by Willamette Week.

Prosper Portland is not considering giving up on developing the 4.4-acre property, or turning it into a park or other use, officials said.

“We’re not at this point contemplating reopening the future use of that property,” Branam said. “I feel like City Council has been pretty clear that development is a priority here.”

The site has a number of issues, including contamination around the Tanner Creek sewer line that runs through the property and site-wide industrial contamination, said Eric Jacobson, senior project manager at Prosper Portland. The contamination would require some soil removal, and then a cap and fill. The site has also flooded, including in 1996.

In March 2017, the City Council gave its blessing to Prosper Portland to pursue a full-site redevelopment and relocate the Police Bureau’s Mounted Patrol unit from the property.

The site includes a flour mill that city officials seek to preserve. A feed mill was demolished to prepare for development. The City Council also directed Prosper Portland to provide affordable housing commensurate with 60 percent of area median income.

The Central City 2035 plan added another wrinkle, increasing the setback required from the Willamette River from 25 feet to 50 feet.

The post Developer backs away from Centennial Mills appeared first on Daily Journal of Commerce.

The latest developer seeking to transform Centennial Mills greeted Pearl District neighbors last week, offering to listen to local residents but volunteering few details about their plans for the historic riverfront site in Northwest Portland.

Lynd Opportunity Partners, a major developer based in San Antonio, was selected in April to enter into exclusive negotiation with Prosper Portland for the 4.4-acre property.

Lynd executives introduced their project team, including SERA Architects, landscape architect Mayer/Reed and heavy-hitting law firm Stoel Rives.

Members of the project team said the number of buildings and their heights, uses and configuration were to be determined.

“This is a large parcel and it could potentially support three to four buildings on it,” SERA principal Kurt Schultz said.

The project team plans to undergo a voluntary Central City master plan through the city of Portland.

“We think that’s the best way to move forward,” Schultz said. “It takes more time, but we think that’s the right move for the city of Portland.”

Each building would go through a separate design review process.

Schultz pledged there would be affordable housing on the site. “The only thing that I can guarantee you will be on the site is affordable housing,” he said.

The site will also have a “large amount of public open space,” Schultz said.

Lynd is a major player in the national multifamily market, with 35,000 units in 50 metropolitan areas. The company is privately held by founder Michael Lynd Sr.

“We’ve been successful in every market we’ve been in, and it’s because we pay attention to what the consumer wants,” said Scott Brymer, Lynd’s president of development.

Brymer pointed to the riverfront views as a key selling point for whatever is eventually built on the site. “That sells condominiums, that sells apartments, that sells any retail experience that might be there,” he said.

“They’re not making any more land on the Willamette River,” Brymer said. “We have a tremendous opportunity to do it right.”

Questioned about Lynd’s record, Brymer pointed to ENV, a luxury apartment tower the company built in Chicago that sold for a record price on a per-square-foot basis in that market.

Lynd is the latest developer to try a hand at bringing new life to Centennial Mills. Jordan Schnitzer explored developing the site in 2015-16 but could not come to an agreement with city officials. Prosper Portland, then known as the Portland Development Commission, settled a lawsuit in 2012 with developer LAB Holding of Costa Mesa, California, after plans for the site shifted. At different times, Venerable Properties and Intrinsic Ventures also evaluated the possibilities at Centennial Mills.

“I do think it is different this time for a number of reasons,” Will Thier, Prosper Portland’s project manager for Centennial Mills, said in an interview. “First of all we have a great deal of clarity from our elected officials and from the bureau directors in terms of what the priorities are on the site and what resources are or are not available. In the past, there was not always perfect clarity on some of those items. That additional clarity provides a lot more certainty for the developer in terms of how they approach the site.”

Last year, the City Council endorsed a plan for a full-site redevelopment that precluded the Police Bureau’s mounted patrol from returning to the site. Commissioners also directed Prosper Portland to prioritize affordable housing.

The site has seen its share of challenges, including flooding and environmental contamination. Two historic structures, the 1910 flour mill and the 1926 feed mill, have complicated plans. The feed mill has been demolished as part of Prosper Portland’s clean-up of the site; the flour mill is expected to be preserved.

Neighbors have sought to maintain access to the Greenway Trail that runs by the site. Some have also argued for low-slung buildings on the site that wouldn’t interfere with views of nearby condo owners.

The post Developer steps up at Centennial Mills appeared first on Daily Journal of Commerce.

A San Antonio developer will be the latest to try its hand at turning Centennial Mills into something.

Prosper Portland will enter into exclusive negotiations with Lynd Opportunity Partners to sell the 4.4-acre waterfront property.

The Texas developer is proposing to construct two residential buildings with approximately 400 units, according to an agency staff report. The buildings would be subject to inclusionary housing rules, so approximately 20 percent would be rent-restricted affordable units.

Lynd also plans to preserve and renovate the existing flour mill at the Northwest Portland property, according to the report.

Development on the site would also preserve space for the Willamette River Greenway trail, with a setback from the river, according to Prosper Portland.

The former mill property has been the subject of years of development proposals that failed to come to fruition. The property was purchased by the Portland Development Commission (since rebranded Prosper Portland) in 2000.

The agency has entertained bids for Centennial Mills at various times since 2007. Jordan Schnitzer’s Harsch Investment Properties became involved in 2015, but a memorandum of understand expired without Harsch moving forward.

Last year, the agency received the City Council’s blessing for a full-site redevelopment pushing out the Police Bureau’s Mounted Patrol.

Lynd’s bid was chosen after a national solicitation, Prosper Portland project manager Will Thier said.

The property has proved difficult to develop. It is in a low floodplain that flooded in 1996. The existing flour mill adds another complication – the aging structure must be renovated or demolished, and the city has a goal to keep it around. And Pearl District neighbors have weighed in to ensure redevelopment lives up to the city’s vision for the site.

“As we all know, the history of Centennial Mills has been fraught with disappointment,” said David Dysert, co-chairman of the Pearl District Neighborhood Association Planning and Transportation Committee.

Another Pearl District resident, Larry Mazer, asked what assurances the agency has that Lynd will follow through on the city’s goals that were laid out in earlier plans.

“We hope you will include in the agreement some sort of enforcement mechanism so we can ensure the goals of the 2006 plan are implemented,” he said.

Thier told the Prosper Portland Board of Commissioners that he would work with the agency’s attorneys on specific contract provisions to hold Lynd accountable to the city’s plans.

Lynd, founded in 1980, has developed $500 million of new development in San Antonio, Chicago, Denver, Miami and Austin, Texas. The company also manages 35,000 multifamily units in 16 states. Lynd did not respond to interview requests.

If Prosper Portland and Lynd reach a tentative disposition and development agreement, the matter will return to the agency’s board for final approval.

Prosper Portland plans to close on the agreement late this year, Thier said.

The post Texas firm targeting Centennial Mills appeared first on Daily Journal of Commerce.