[tworivers]

MLK: Miracles club inches ahead

Posted by Ryan Frank (Oregonian) October 24, 2007 17:42PM

The PDC gave a quick nod today for a new headquarters for the Miracles Club on NE MLK Blvd. It's a technical, but critical step for the deal. The Miracles Club, a nonprofit that helps addicts, needs a new home because it's long time spot on MLK and Mason is headed for redevelopment. The club, along with developer Guardian Management, bought land just up the road on MLK at 4218 NE MLK. They plan a project with space for Miracles on the first floor and 30 to 40 affordable apartments above. But the deal has a sizable financing gap. That's what brought them to PDC today.

The land had been outside the Oregon Convention Center urban renewal area. That meant the PDC couldn't subsidize the project. The PDC's action today expanded the urban renewal boundaries and opened the door for the city to help get the thing built.

Ross Cornelius, Guardian's development projects manager, says the deal is roughly $11 million and, conservatively, has a financing gap of $3 million. "It'd be great if it'd be $3 million," he says.

So what's all this mean? City Commissioner Dan Saltzman is behind the deal. He made a rare appearance before the PDC board Wednesday to show his support. And the PDC, given that City Hall can control its spending, is likely to be there for Miracles and Guardian.

Cornelius says they hope to be under construction in fall or winter 2008.