The developer behind one of the biggest revitalization projects planned for Salem in recent years is proposing a Prosper Portland-style model to spur economic development in the city and bring in $13 million to $34 million in revenue over the next five years.

Aaron Stickney, a co-founder and managing member of SilverSphere Capital, said his proposed plan could also bring in more than $100 million in private investment and up to 2,600 new jobs.

It could “really turn Salem around,” he said. “We’re at the point economically that Salem could be the next emerging market.”

His company is banking on it. SilverSphere Capital stepped up in early 2026 to helm the $150 million transformation of the former home of Truitt Bros. Cannery north of downtown Salem after the revitalization stalled under a previous developer. A total of almost 800 apartments, a grocery store, an automatic parking garage, a wine bar and restaurants are planned at the site.

Stickney recently crafted a white paper titled “Economic Development & Growth Plan” for Salem City Council and City Manager Krishna Namburi. In the in-depth analysis that detailed Salem’s economic challenges and provided solutions, he proposed that to address the structural challenge of service costs outpacing revenues faced by many midsize Oregon cities, Salem should draw from a Prosper Portland model to generate revenue instead of relying on increased taxes or service cuts.

The plan also proposes:

• creating tax increment financing (TIF) districts in places like downtown and the Willamette waterfront to use rising property tax values to fund redevelopment;
• monetizing city-owned assets by raising parking rates, shifting from selling land to executing long-term leases;
• using private capital to build a riverfront hotel and mixed-use buildings over parking lots;
• creating a revolving loan fund for small businesses; and
• creating a Salem Science & Innovation Anchor District, similar to Portland’s master-planned OMSI District, to link the A.C. Gilbert Discovery Village, Willamette University, Salem Health and Chemeketa Community College.

Stickney said his proposal has been well received by city leaders, who previously voiced struggles with a looming structural deficit.

It provides a viable solution to the city’s revenue challenges and will free up more resources to address top issues like homelessness and public safety, he said.

“The conclusion is straightforward: Salem can generate an estimated $6 million to $12 million in new annual revenue by 2030 from assets it already controls,” he said. “No bond measure. No new taxes. No condemnations. The barriers are policy decisions, not capital constraints.”

Stickney urged residents to look at his plan, encourage city leaders to take action and hold them accountable.

“There’s an actual path forward to generate more revenue and make the city better,” he said.

Through a spokesman, Namburi, Mayor Julie Hoy and Mayor-elect Vanessa Nordyke confirmed city leaders are in close and productive conversations with Stickney about the proposal.

“We are excited about several new ideas being proposed, which present intriguing opportunities for exploration,” city leaders said. “The city of Salem encourages and seeks out conversations with our community, engaging residents and business owners to better understand how we can serve them effectively and explore new ideas, proposals and diverse perspectives.”

City spokesman Rob Layne said leaders and council are examining the city’s economic development programming through multiple initiatives, including the recently announced Downtown Vision Framework. Leaders said some of the items outlined in the report, like Block 50 and Block 45, are already in progress or under development.

“There are also some properties in the report that fall outside the city’s ownership or jurisdiction, such as the suggestions for Capital Mall lots,” Layne said. “We look forward to continuing our dialogue with the author and their team to further define and develop these concepts, including the Cannery project.”

Prosper Portland is the Rose City’s decades-old economic and urban development agency designed to create jobs and support small businesses. Salem can learn from Prosper Portland’s success and missteps, according to Stickney.

“The most impactful structural change Salem can make is creating a dedicated, semi-independent economic development agency — a ‘Prosper Salem’ — with its own board, budget authority, and mandate to generate revenue through strategic investments,” Stickney stated in the report.

The proposed Salem Economic Development Agency would include five to seven members appointed by the mayor and city council. Its executive director would operate independently to make investment decisions, enter contracts and manage a real estate portfolio on behalf of the city.

Initial funding would include $2 million to $3 million from the General Fund as well as federal Community Development Block Grant funds, Business Oregon partnerships and Enterprise Zone administrative fees, Stickney proposed.

To avoid equity pitfalls historically experienced by Prosper Portland, the agency should require an equity impact analysis for investments over $250,000, set targets for underrepresented, minority and women-owned business support, mandate community engagement, and publish annual scorecards on job creation, wages and displacement risk, Stickney stated.

Creating TIF districts would allow the city to fund development without drawing on the General Fund, Stickney noted. The districts have the potential to bring in tens of millions of dollars over the next two decades, he added.

Salem can use Prosper Portland’s framework to designate districts in which property tax growth above a frozen baseline is redirected into a dedicated fund for reinvestment within that district, Stickney stated.

First would be a Downtown Core district for revitalization of commercial blocks between Liberty and High streets. Districts at the Willamette Riverfront, south Salem Commercial Street corridor and West Salem could follow in the next three to four years.

The agency’s first-year priority would be an audit of city-owned properties to see which could be used for revenue generation as development catalysts or be held for future growth.

This could eventually yield up to $22 million a year in unrealized revenue, Stickney stated.

His ideas include increasing parking fees to match market rates, adding paid programming, concessions and sponsorships at Riverfront Park, and developing mixed-use public-private partnerships above surface parking lots in downtown.

“Riverfront Park is Salem’s most underleveraged asset,” Stickney said. “The 26-acre riverfront park with amphitheater, carousel, dock, and Gilbert’s Discovery Village generates almost no earned revenue.”

But with paid events, concessions and sponsorship, the park could bring in $500,000 to $1.5 million per year.

Stickney also proposed adding a small business hub and a revolving loan fund to target underserved businesses. Over time, the group could lend up to $5 million annually.

The hub would be a central point for Salem entrepreneurs and help them with business licensing, permits and access to loans. It should also include multilingual services for Salem’s large Spanish-speaking business community, he stated.

Salem has several brownfields — former industrial and commercial sites — that are contaminated or underutilized. Spots include former industrial parcels along the Willamette River, old gas stations and dry-cleaning spaces on Commercial Street, and industrial sites in West Salem.

Stickney suggested the agency leverage state and federal programs to turn these sites into productive commercial, industrial and mixed-use developments.

He also honed in on the importance of actively reaching out to recruit businesses and anchor tenants into Salem. He looked to the success Detroit, Michigan, had in turning around economic blight. The city drew Rocket Mortgage into its downtown in 2010 and added 8,000 new jobs by making itself attractive to businesses, he said.

Salem should work on recruiting government contractors, agricultural and food processors, healthcare, life sciences, clean energy and construction, Stickney said.

“You can’t wait for anchor tenants to come to you; you have to go out and reach out to them,” he said. “Bring in one or two, and that’s a game changer.”

He also emphasized the importance of private-public partnerships in bringing development into Salem. This would involve the city retaining ownership of land while leasing long term to private businesses. In execution, this could look like a hotel built along the Willamette River with a public promenade.

If the public and private sectors don’t work together, “nothing’s going to change,” Stickney said.

Editor’s note: This article first appeared in The Statesman Journal and then was distributed on the USA TODAY Network via Reuters Connect.

The post Developer proposes Prosper Portland-style model for Salem appeared first on Daily Journal of Commerce.

The Portland Design Commission on Thursday got its first look at plans to develop Broadway Corridor‘s Parcel 6 with a 13-story mixed-use tower. The property is located at the northeast corner on Northwest Ninth Avenue and Johnson Street.

This is the second development within the Broadway Corridor Master Plan area to advance. The first, Block 4A, was presented to the commission for design advice last year and recently was approved by city staff, Portland Permitting & Development staffer Staci Monroe said.

The Parcel 6 project is valued at $95 million, according to Portland Permitting & Development.

Mithun is the project’s designer. The team also includes lead developer Related Northwest, co-developer Melvin Mark, and public partner/owner Prosper Portland.

The 140-foot-tall building would be an L-shaped concrete tower atop a three-story podium. The proposal is for 200-plus middle-income residential units for people earning 50 to 120 percent of the area median income. The building would include 4,000 square feet of retail/commercial space on the ground floor, structured parking for 100 vehicles, on-site loading space, and 100 bicycle parking spaces. Plans include the full design and partial development of the Park Avenue alley along the eastern frontage.

A net zero goal is proposed for the project. The southwest-facing L-shaped massing would reduce glazing costs and provide both sunny and shady areas for residents, according to the design team.

Exterior building materials would include metal cladding on the upper tower and brick below. Commissioner Brian McCarter said the differentiation in materials between the tower and the podium is strong and reads as a very simple material palette.

Vice chair Joe Swank said he believes the design of the tower and podium is strong on Ninth Avenue and Johnson Street but along the Park Avenue alley and Kearney Street, the brick and metal do not read as much like a podium. Team members believe the design is working so far on a conceptual level, Mithun partner Heidi Oien said, but they will explore it further. McCarter added that he believes there is good direction and as the design is refined, it will improve.

Active use is required on the ground floor along Johnson Street, where there will be widened sidewalks.

“The ground floor consists of commercial space, lobby, leasing office and back-of-house elements,” Monroe said of the proposal.

Vehicle access will be available on all frontages except for the eastern. There, the Park Avenue alley will be a 40-foot-wide public, pedestrian-only space spanning the length of Parcel 6 (Block 6) and Block 7. A creative space is planned for this area to draw people in, Monroe said; elements could include public art, plants, lighting, and materiality. Mithun is proposing an open, paved space. The design team envisions clusters of trees for shade, Mithun partner Dorothy Faris said.

Plans call for a two-way cycle track on the south side of Johnson Street and a shared bike lane on Ninth Avenue. Vehicle and bike parking would be along the frontages and in a parking garage. The garage and loading area would be accessed off Kearney Street.

The project team is proposing a modification to ground-floor window coverage along Kearney Street, because more than half of this frontage would be garage access, loading space, mechanical space and back-of-house space. The requirement is for 40 percent coverage by ground-floor windows, and Mithun is seeking a 15 percent reduction.

One portion of this frontage would be the bicycle room. The design team should seek a way to include glazing for the room but still ensure it’s private and secure for residents, McCarter said.

For public art, the master plan identifies six potential locations, two of which are adjacent to Parcel 6 – one at the northeast corner of Johnson Street and Ninth Avenue and one in the Park Avenue alley along the parcel’s eastern frontage. Public art is not identified on the proposed site plan; however, the project team plans to begin discussions with the city’s Office of Arts & Culture.

Weather protection is not yet identified in the proposal, but Oien said the team intends to provide something overhead along Johnson Street and could explore other areas if necessary. The commissioners suggested making sure canopies are adequate along Johnson Street and the Park Avenue alley.

If funded, ground is expected to be broken in late 2027.

The team will likely pursue a Type IX design review by staff, Monroe said. However, Type II or Type III are also options.

The post Portland Design Commission offers advice for tower project appeared first on Daily Journal of Commerce.

The team preparing to redevelop a vacant Northeast Portland building into a food hall, bar and event space is seeking a construction manager/general contractor for the project.

The Prosper Portland Board of Commissioners on Wednesday voted unanimously to exempt the 910 MLK Building food hall project from the usual low-bid selection process and instead seek a CM-GC. Prosper Portland will issue a competitive request for proposals early next month.

The property, owned by Prosper Portland, is at 910 N.E. Martin Luther King Jr. Blvd., near the northeast corner of the Oregon Convention Center.

In January, the board authorized the inclusion of the food hall in the Lloyd-Holladay Urban Renewal Plan and approved the revised plan for the property. Portland-based Parti Architecture LLC will submit to the city design plans for review next month.

The project scope will include a major renovation of the building’s west side; demolition of structural elements on the east side while retaining portions of the roof and structural framework; and construction of infrastructure to support food carts on the lot’s southeast side.

The CM/GC method allows for a contractor to join the process about halfway through the design phase, said Wendy Wilcox, construction and compliance manager for Prosper Portland.

“Through our work in the community, contractors have told us this is a preferred method as through the RFP, they feel they can be more fairly evaluated, the project pricing is more accurate and they have time to gather the best team by being involved from design,” she said.

The estimated total project cost is $7.5 million, including $6 million for construction. A CM/GC delivery method will likely result in cost savings over a low-bid one, according to a Prosper Portland staff report, because of time savings, value engineering, funding source security, and less risk of change orders. Use of the CM/GC method will increase confidence of the project’s partners that the work will be completed within the scheduled time frame and budget, Wilcox said.

Contractors’ proposals will be evaluated by a panel considering a set of best value criteria, Wilcox said. A CM/GC is expected to be part of the preconstruction contract in April or May, she said. The CM/GC contract is expected to be presented to the board for approval this summer.

Construction is scheduled to start in the fall and finish in summer 2027.

The post Prosper Portland seeks CM/GC for Lloyd District food hall appeared first on Daily Journal of Commerce.

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.

The post Food hall planned near Oregon Convention Center appeared first on Daily Journal of Commerce.

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.

The city of Portland is preparing to offer developers $7 million in incentives to convert vacant office space into multifamily housing.

Prosper Portland will administer the pilot program, which was first announced in May. It’s one part of the city’s strategy to reduce its massive stock of vacant office space, which totaled more than 9 million square feet during the third quarter, according to CBRE.

Mayor Keith Wilson, in remarks given during a Multifamily NW event on Oct. 16, said the funding would likely go to only a few office-to-housing conversion projects.

“We’re not going to spread that peanut butter thin,” Wilson said.

Funding may be awarded in the next four to six weeks, Prosper Portland spokesman Shawn Uhlman said Monday.

Funding for the pilot program is expected to come from the Portland Clean Energy Community Benefits Fund (PCEF) through an intergovernmental agreement with Prosper Portland.

Limited available funding, approximately $7 million, will support two to three pilot projects, Elliott Kozuch, the city’s spokesman for community and economic development, stated in an email.

City officials are looking for projects that are ready to go.

“The initial pilot projects are expected to both be development-ready and provide access to detailed project data … and participate in an embodied carbon study with PCEF and Prosper Portland,” Kozuch stated.

The conversion incentive grew out of recommendations from the Multifamily Housing Development Workgroup that was convened by Wilson and Gov. Tina Kotek in the spring.

The City Council still must agree to an adjustment to the PCEF’s Climate Investment Plan to allow the funding to be used, and to increase the allocation beyond the pilot phase.

Prosper Portland’s board approved guidelines for the program on Oct. 8.

“Portland faces the dual challenge of historically high office vacancy rates and a shortage of affordable and middle-income housing,” Prosper Portland Executive Director Cornell Wesley wrote to the board.

Public officials have lauded office-to-residential conversions as a solution to empty urban office space, but getting those projects to construction has proved difficult. Conversion costs are significant: Building codes require stronger seismic protection in residences. Floor plates designed for an office can poorly suit an apartment building. And features including staircases, windows, heating and cooling systems, and elevators may need to be rethought or relocated.

Sarah Zahn, director of development for Security Properties and a member of the governmental work group, said it makes sense to give large amounts of funding to a few projects.

“It’s good they recognize it’s going to take a substantial investment to do a project like this,” Zahn said.

The program should interest developers, said Ezra Hammer, a shareholder at Portland-based law firm Jordan Ramis.

“Is free money good?” he said. “Yes, free money is good.”

A successful conversion project could spur more of the kind, Hammer said.

“The real value is you get the projects going, but you prove the concept in the market,” he said.

The incentive will be structured as a forgivable 10-year loan at 2 percent interest. One-tenth of the principal balance of the loan would be forgiven each year. Rents must remain affordable to renters at 60 percent to 120 percent of area median income. The affordability requirement will make apartments available to a broad swath of renters but could limit developers’ potential upside.

“This targeted investment not only accelerates the delivery of new housing units but also advances Portland’s climate action and housing production goals in tandem,” Wesley told the Prosper Portland board.

So far, prior to the incentives taking effect, two conversion projects have moved forward in Portland. A project team plans to convert the Oregon Casket Building, at 403 N.W. Fifth Ave. in Old Town, into a 25,000-square-foot mixed-use building with 34 residential units and retail space.

The second conversion project involves the Falcon Building, at 321 N.W. Glisan St. It previously held 85,500 square feet of office space and is on track to become 59 units of middle-income housing.

The post Portland to offer $7 million for office-to-housing projects 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.

The Prosper Portland Board of Commissioners on Wednesday authorized a $750,000 loan to the developer of an approximately 230-unit, net-zero, middle-income housing project in the Broadway Corridor. The loan will pay for a share of predevelopment expenses associated with the development of Parcel 6 on the 14-acre former United States Postal Service property.

The site is at the northeast corner of the intersection of Northwest Ninth Avenue and Johnson Steet. Prosper Portland acquired the USPS property in 2016 and has since secured approval of a master plan, completed site preparation activities, and coordinated with city bureau partners on the construction of public infrastructure and utilities to serve the district.

Related Northwest is developing the project. The team includes ZGF, Mithun, PAE and Walsh Construction.

Apartments will range from studios to three-bedroom units and be for people earning 60-120 percent of area median income, Prosper Portland spokesperson Shawn Uhlman stated in an email. Plans call for inclusion of structured parking and a commercial component.

Prosper Portland was awarded $33.5 million from the Portland Clean Energy Fund (PCEF) for the redevelopment of Parcel 6. Once funding is received, Prosper Portland will add $250,000 to the loan under the same terms and conditions, for a total of $1 million.

The Parcel 6 project is one of the first net-zero developments of its kind via PCEF, Prosper Portland senior project manager Sarah Harpole said.

Wednesday’s action allows Related Northwest to advance predevelopment activities that are necessary for determining project feasibility, a Prosper Portland staff report states.

“The scope of work will move Related and their team through conceptual design and schematic design, some early environmental assessment work, geotechnical work, some market analysis, and most importantly, some updated construction pricing,” Harpole said.

The project is estimated to cost approximately $130 million, but the predevelopment process will help the team refine the numbers and create greater certainty, Uhlman stated.

Another Broadway Corridor project, led by the Portland Bureau of Transportation, is under construction to extend Northwest Johnson and Kearney streets. Johnson Street will serve as the heart of the district and include wide sidewalks. Construction of the street extensions is scheduled to finish in late 2026, Harpole said.

Meanwhile, a 14-story, approximately 230-unit affordable housing proposal is still in predevelopment. Home Forward and the Urban League of Portland are developing that project for Parcel 4A, directly south of Parcel 6. Apartments are expected to range from studios to three-bedroom units.

The Parcel 6 project is on a similar timeline as for Parcel 4A; both buildings are projected to open to residents in late 2028.

The post Prosper Portland aids Broadway Corridor housing appeared first on Daily Journal of Commerce.

Prosper Portland‘s board of directors on Friday appointed longtime agency manager Lisa Abuaf as interim executive director.

Abuaf takes the agency’s reins following the resignation of former interim Executive Director Shea Flaherty Betin, who clashed with Mayor Keith Wilson and members of the City Council as the group considered a proposal to strip the agency of general funds amid a budget crunch.

Abuaf has served in various roles since joining Prosper Portland (then called the Portland Development Commission) in March 2006. She was most recently director of development and investment.

“Many thanks and much gratitude to Lisa for stepping into this role,” board Chairman Gustavo Cruz said Friday.

Much of Friday’s unusual board meeting was given over to expressions of support for Betin, who led the agency for eight months.

The board unanimously approved a resolution stating, in part: “In a time of critical transition for the agency, Shea Flaherty Betin led with both compassion and practicality, providing a steady hand during the hiring of a new executive director, and maintaining the agency’s mission and work.”

Former Executive Director Kimberly Branam called Betin “an absolutely ideal colleague.”

“Shea, we are all better, and the community is better, and Portland is better for having had the privilege of working with you,” Branam said.

Prosper Portland officials have defended the agency as a newly enlarged and empowered City Council has raised questions about what works and what doesn’t in city government while trying to cut the budget.

Board Commissioner Felisa Hagins alluded to Betin resigning under pressure from city leaders.

“I’m embarrassed, and I’m very embarrassed for our city,” she said. “I think that there are the right ways and the wrong ways to do things, and I think this was not the right way.”

Betin will receive 12 months’ salary, totaling $212,992, as severance. He said he would take some time off before finding a new role.

“I’ve given everything of myself to this place and this city, and I’m looking forward to taking a break and finding out how I fit into this tapestry that is this city and this place,” he said. “But I love you all. Thank you.”

Prosper Portland’s board is in the final stages of hiring a permanent executive director. The agency has extended an offer to a candidate with the expectation that this person will assume the executive director position in August, subject to the board’s approval, spokesman Shawn Uhlman stated in an email.

The post Abuaf named interim leader of Prosper Portland appeared first on Daily Journal of Commerce.

The Oregon Museum of Science and Industry’s (OMSI) plans for a new neighborhood district are moving forward.

The Prosper Portland Board of Commissioners on Wednesday authorized a term sheet with OMSI related to development plans for the OMSI District. The commission also approved an intergovernmental agreement with the Portland Bureau of Transportation (PBOT) for $10.9 million of Central Eastside Tax Increment Finance (TIF) resources, and up to $16.9 million if Prosper Portland and Business Oregon execute a $6 million grant.

Amy Nagy, development manager at Prosper Portland, said the term sheet provides the framework for private or public infrastructure and vertical development projects related to the OMSI District Central City Master Plan between Prosper Portland, the city of Portland and OMSI.

The intergovernmental agreement directs funding from Prosper Portland to PBOT for design, construction and management of New Water Avenue.

“OMSI has been a cultural attraction in the city since the 1950s,” Nagy said.

The museum moved from Washington Park to the Central Eastside in the early ’90s. It welcomes over 1 million visitors a year, hosts classroom and education opportunities for over 8,000 kids a year and partners with other museums in 15 different states, bringing different exhibits and learning opportunities, Nagy said.

In 2018, OMSI retained Edlen & Co. as its master developer and ZGF Architects to lead the Central City Master Plan process. In addition, Prosper Portland coordinated city bureau participation to support master plan development. OMSI’s plan for the District is intended to be an inclusive, vibrant new neighborhood and community destination. It includes a new waterfront education park featuring public green space, plazas, restored riparian and upland habitats, and outdoor science programming. Through its partnerships with the Indigenous and Tribal communities, a Native presence will be restored along the waterfront and within the built environment. The OMSI District will ultimately become home to 1,200 new residential units, with a goal of over one-third of them being affordable housing.

Prosper Portland partnered with city bureaus to negotiate the term sheet with OMSI to identify and invest in public and private infrastructure within the OMSI District over three phases. Construction of New Water Avenue and the Waterfront Education Park are key projects for Phase One. OMSI will also identify private development projects and build out 250,000 gross square feet of vertical development.

Phase Two is focused on feasibility, including a district parking solution and private development, and an agreement between the Portland Housing Bureau and OMSI to achieve the district’s affordable housing goals. Phase Three uses the feasibility findings to continue build out of the district

OMSI and the Columbia River Inter-Tribal Fish Commission will issue a Request for Proposal for design of the waterfront. The project is scheduled to reach 30-percent design by March 2027 and funding by spring 2028.

Funding in the intergovernmental agreement (IGA) will support construction of New Water Avenue, which will become the primary multi-modal street dedicated to moving freight and accommodating a new two-way cycle track. Old Water Avenue will also require some street improvements to support the new alignment.

“New Water Avenue is going to be the nerve center of the district,” Nagy said. “It’s going to hold all new utilities, including water.”

OMSI, Prosper Portland and PBOT have been working to identify public resources to build the $30 million infrastructure project. Through the IGA, Prosper Portland is providing $10.9 million in Central Eastside TIF resources to PBOT for the design, construction and management of the project. The state of Oregon is providing an additional $11 million, including a recent allocation of $6 million through the State Infrastructure Fund.

The project partners will pursue money to cover the balance of the project cost through June 30, 2025. If unsuccessful, the term sheet identifies a waterfall approach to reduce infrastructure costs that culminates with OMSI agreeing to a local improvement district to cover the financial gap.

The estimated total project cost is $90 million, which does not include plans for parking.

The post OMSI District eyes infrastructure improvements, education park first appeared first on Daily Journal of Commerce.