A vacant building near the Oregon Convention Center will be renovated into a 14,000-square-foot food hall, bar and event space. Also, a patio on the site’s eastern end will be able to accommodate 10 food carts.

The property, owned by Prosper Portland, is located at 910 N.E. Martin Luther King Jr. Blvd., in the Lloyd-Holladay Tax Increment Finance District.

Prosper Portland’s Board of Commissioners on Wednesday passed three resolutions related to the project. These include a minor amendment to the Lloyd-Holladay Urban Renewal Plan to include the site as a priority project area, a revision to the property plan, and an intergovernmental agreement (IGA) with Metro to seek a $3 million loan for the improvements.

Prosper Portland purchased the property in 2005 with plans to develop a hotel to serve the convention center. Metro later identified a different location for the hotel – the eventual Hyatt Regency at the Oregon Convention Center – which required a reexamination of opportunities for the property at 910 N.E. MLK Jr. Blvd., a Prosper Portland staff report states.

“We heard significant input and interest from the community about repositioning the asset, particularly as a potential to take advantage of the opportunity to bring more local food options into Lloyd,” said Amy Nagy, a Prosper Portland development manager.

The project concept calls for a highly visible, high-traffic food and drink venue that complements activities at the convention center. Design priorities include a four-season gathering space, a flexible and dynamic layout, and a safe and professional experience.

Portland-based Parti Architecture LLC has completed preliminary schematic designs for the project. The team plans to submit plans to the city for design review in March.

The business plan calls for work with a third-party operator. ChefStable, a consulting and management firm that partners with chefs to build and operate restaurants, was selected for this role and will be the master leaser of the property. Food cart owners will then lease their spaces.

The total estimated redevelopment cost is $7.5 million. Prosper Portland invested $4 million and ChefStable invested $500,000.

The $3 million loan is contingent on approval by the Metro Council, which is expected to consider the proposal in March. The IGA includes a 4 percent interest rate and a 10-year payback period. Agreement on those terms will require approval by both the Metro Council and the Prosper Portland Board of Commissioners.

The project will involve interior renovations, seismic improvements and electrical work as well as partial demolition and build-out of the patio for the food carts, said Will Thier, Prosper Portland’s real estate manager.

A request for proposals will be issued for a construction manager/general contractor in May or June, Prosper Portland spokesperson Shawn Uhlman stated in an email. Construction is scheduled to begin this fall and require nine to 10 months to complete. The estimated opening date is late summer 2027.

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