I remember this story from a while back. Maybe the city will step in and provide assistance? I was thinking issuing a municipal loan guarantee would be pretty savvy, and not necessarily chew up a lot of resources.
http://portland.bizjournals.com/port...28/story4.html
And another blurb of information that may or may not be pertinent:
http://portland.bizjournals.com/port...wscolumn1.html
I'll have to counter the other sentiments here and question the point of adding more empty space to the central core. We have plenty of open space as it is.
In this area in particular, we need more people, more density and more hustle and bustle. It's bad enough that TMT had to reduce the height of the tower, making the transfer of FAR from across the street a completely moot exercise.