Rumor Thread

[Lefty]

I don't think they need to move. The article says the offers to PDC were unsolicited. I imagine the developers of prospective projects are doing everything they can to woo anyone with an expiring lease. Assuming PDC wants to renew their lease, it doesn't hurt to have some other offers in hand.

I think the current space was supposed to be the "Creative Services Center". PDC decided to move in because it only had one or maybe two small tenants after a year or more of leasing and PDC had guaranteed the lease payments (for 10 years?). As I recall, PDC did need to buy at least one tenant out of their lease.

[Okstate]

I like a PDC presence in Old Town.

[Sioux612]

Come on One Waterfront Place!

[rsbear]

I, for one, am in favor of just about anything that will get PAW moving. The most significant development in the retail core in 10 years - it needs to be completed.

[philopdx]

Yeah, PAW > One Waterfront Place, hands down.

[urbanlife]

yeah, I definitely would like to see them move to the PAW if that means the PAW will resume construction...but as of now, this is just another non-news story. This is no different than other teams contacting a player that has a contract that is about to expire and they are eligible to be a free agent, but that doesnt mean they will or have to move when the lease expires.

As for the sports reference, I am starting to get antsy for baseball to start back up and so wish Portland would get a team, even if we cannot sustain one....sorry off topic a bit too much, just thinking out loud.

[JoshYent]

oh man! I cannot wait for this one!

[Tykendo]

GO PAW! One Waterfront is a nice project for the burbs, say Beaverton. I think PAW adds more foot traffic moving through that area and could spur further development down the line. That new park accross the street could be hoppin'.

[pdx2m2]

PDC's move could help either project.

My impression is they are not large enough to jump start a huge downtown tower which will happen anyway given the huge hole in the ground and investment to date.

PDC's size in relationship might kickstart Waterfront Place which is going to be essential to the success of other north pearl projects like Cent. Mills.

[urbanlife]

Originally Posted by pdx2m2

PDC's move could help either project.

My impression is they are not large enough to jump start a huge downtown tower which will happen anyway given the huge hole in the ground and investment to date.

PDC's size in relationship might kickstart Waterfront Place which is going to be essential to the success of other north pearl projects like Cent. Mills.

Actually I believe the article stated the opposite point of view. With the PAW, it is about 50% leased, therefore the PDC would be enough to get this tower back under construction again. The Waterfront Place either doesnt have any tenants signed in for a lease agreement or has a smaller percentage willing to be leased, so the PDC would be the group that might help them score more tenants knowing that the building would have a secure tenant that would help the building get built.

[Eco_jt]

Well we don't know for sure if PDC is even thinking about picking up and moving. Why would they decide to move to a more expensive lease option?

Nonetheless...if they do move...I do hope that they choose one of the stalled projects. My bias is for One Waterfront Place...

[tworivers]

I'm also hoping for One Waterfront Place, because I think it is an important project for the North Pearl and also because I don't want to look down on that rock-crushing operation (or whatever it is) that is down there now every time I ride over the bridge.

Besides, I suspect PAW will get going again soon regardless, as the credit market loosens.

It is an odd situation, the PDC shopping around for a potential new and more spendy space. With the new oversight by City Council, I wonder what sort of politics are at play. Could it specifically be a ploy to jumpstart PAW, given the amount of $$$ that building will be dropping into city offers once it is up?

[Eco_jt]

Originally Posted by tworivers

I'm also hoping for One Waterfront Place, because I think it is an important project for the North Pearl and also because I don't want to look down on that rock-crushing operation (or whatever it is) that is down there now every time I ride over the bridge.

I know what you mean. That rock crushing operation is such a blight ...heh

Originally Posted by tworivers

Besides, I suspect PAW will get going again soon regardless, as the credit market loosens.

This is how I feel too. Things are still not so good, but eventually they will get better, and PAW is one of those projects that IMO will eventually be built. With One Waterfront Place, I'm afraid that project will never come to fruition...so any opportunity for it would be GREAT.

[RoseCtyRoks]

I'll take either of these projects, as both are needed, and would prove very beneficial to PDX. Talk about two prime locations....PAW being in the center of a desired street scene, and OWP on the edge of the Pearl at the river.
With all that's been invested at the PAW site, I can't imagine it just being a parking garage.......but then nothing would suprise me these days!

[CouvScott]

I heard second hand that there is a GC with the inside track on constructing an 18 story office buildling. I have no idea where in Portland. Has anyone got an idea?

[MarkDaMan]

Friday, February 19, 2010
Prominent developer urges city to rethink PDC move
Portland Business Journal

Joe Weston, one of Portland’s most influential real estate investors and developers, has objected to a proposal to use city resources to help restart construction of TMT Development Co.’s stalled Park Avenue West tower.

TMT is one of three landlords courting the city in hopes of landing the Portland Development Commission as a tenant when its lease in Old Town expires in 2011.

Its current landlord also reportedly has offered to discount its rent in a bid to retain the PDC as a tenant at 222 S.W. Fifth Ave. Other known candidates are Jim Winkler’s One Waterfront Place and Bill Naito Co.’s Galleria.

In a Feb. 11 letter to Bruce Warner, executive director of the city’s economic development agency, Weston said moving the PDC into Park Avenue West is a bad use of public funds. TMT halted construction in April, citing lack of funding for the $100-plus million project at Southwest Park Avenue and Yamhill Street.

“The relocation of an agency such as PDC should be an open public transaction and not one that is completed behind closed doors, as it appears this is taking place with several private property owners who have stalled projects and need a sweet heart tenant,” he wrote in a letter copied to Portland Mayor Sam Adams, the entire city commission and several additional PDC officials.

Weston offered one of his own buildings as a potential future PDC office with terms that include an option for the city to purchase the building if it wishes. Lloyd Corporate Plaza, the former Nationwide Insurance complex, is at Northeast 19th and Oregon streets.

In a separate interview, Weston said he doesn’t care if the PDC chooses his building. He offered it to illustrate his wish for more transparency in the city’s negotiations with would-be landlords.

http://portland.bizjournals.com/port...ml?t=printable

[NJD]

^ Good call Mr. Weston, but there is more to this unsolicited transaction. I'm definitely up for more transparency with major deals like this, but at the same time the PDC's job is to foster development. So make it transparent: show the people's republic of portland how much economic development we can get per buck spent on rent allocation.

[NJD]

18 story office buidling

100 Multnomah?

[2oh1]

And sheesh, Portland needs to find a way to either get PAW built or cap that hole and turn it into a city park. At this point, I'd vote city park.

[urbanlife]

Originally Posted by MarkDaMan

Friday, February 19, 2010
Prominent developer urges city to rethink PDC move
Portland Business Journal

Joe Weston, one of Portland’s most influential real estate investors and developers, has objected to a proposal to use city resources to help restart construction of TMT Development Co.’s stalled Park Avenue West tower.

TMT is one of three landlords courting the city in hopes of landing the Portland Development Commission as a tenant when its lease in Old Town expires in 2011.

Its current landlord also reportedly has offered to discount its rent in a bid to retain the PDC as a tenant at 222 S.W. Fifth Ave. Other known candidates are Jim Winkler’s One Waterfront Place and Bill Naito Co.’s Galleria.

In a Feb. 11 letter to Bruce Warner, executive director of the city’s economic development agency, Weston said moving the PDC into Park Avenue West is a bad use of public funds. TMT halted construction in April, citing lack of funding for the $100-plus million project at Southwest Park Avenue and Yamhill Street.

“The relocation of an agency such as PDC should be an open public transaction and not one that is completed behind closed doors, as it appears this is taking place with several private property owners who have stalled projects and need a sweet heart tenant,” he wrote in a letter copied to Portland Mayor Sam Adams, the entire city commission and several additional PDC officials.

Weston offered one of his own buildings as a potential future PDC office with terms that include an option for the city to purchase the building if it wishes. Lloyd Corporate Plaza, the former Nationwide Insurance complex, is at Northeast 19th and Oregon streets.

In a separate interview, Weston said he doesn’t care if the PDC chooses his building. He offered it to illustrate his wish for more transparency in the city’s negotiations with would-be landlords.

http://portland.bizjournals.com/port...ml?t=printable

I love things like this, it is like listening to republicans complain about Obama using teleprompters as they themselves read from teleprompters.

I get the transparency thing, but this sounds to be pretty transparent already, we all know their lease is ending and other buildings are trying to talk them into moving. Usually we never hear about news like this until after a company has decided to move to a new location. What is Weston hoping the PDC do, send this to City Hall for a vote on the next ballot or something?