PDC seeks proposals for parcels 8 and 3
by Kennedy Smith
02/21/2007
The Portland Development Commission on Tuesday issued a request for proposals for two RiverPlace parcels on which it seeks mixed-use development that would “complement the existing RiverPlace community as well as future residential, commercial and institutional development proposed for the South Waterfront Plan Area south of the Marquam Bridge.”
Parcel 8 was appraised in November 2006 at $4.7 million. The value of Parcel 3 is unavailable at this time, the PDC said Tuesday.
Parcel 8 is located at the Northeast corner of Southwest River Drive and River Parkway. Parcel 3 is at the corner of Southwest River Parkway and Moody Avenue, directly across from Parcel 8.
Parcel 8 totals 52,607 square feet. It has 230-foot frontages on Southwest River Drive and an unnamed private road on its eastern edge. It has 230-foot frontages on Southwest River Parkway and an unnamed private road on its northern edge.
Parcel 3 totals 91,476 square feet. It has a 374-foot frontage on Southwest River Parkway and a 147-foot frontage on Southwest Moody Avenue. Frontage on Southwest Harbor Drive is 307 feet.
Some of the usual suspects for Portland development of this scale – Gerding Edlen Development, Trammell Crow Co. Real Estate and Investment, and Williams and Dame Development – were unavailable for comment Tuesday. John Carroll of Carroll Investment Co. said his company, which built The Eliot in Portland’s West End and The Gregory in the city’s Pearl District, is busy preparing its response to another PDC-issued RFP for a parking garage at Southwest 10th Avenue and Yamhill Street. That RFP is due March 1.
The maximum floor-area ratio for parcels 8 and 3 is 4-to-1, and PDC is encouraging potential developers to make full use of that floor-area ratio. Additional floor-area ratio may be available if city code bonus requirements are met.
The RFP for the neighboring parcels requires that developers start construction no later than July 1, 2008. A green building policy is “strongly encouraged.”
The PDC acquired 73 acres of undeveloped waterfront land between the Marquam and Hawthorne bridges in 1979. Since then, the PDC has performed environmental remediation and invested more than $20 million in residential development, office space, a hotel, retail and restaurant space, a marina, public parks and transportation infrastructure, now referred to as RiverPlace and South Waterfront.
RiverPlace timeline
April 6: Proposals due
April 13: Notice of responsive proposals
April 16-27: Evaluation of responsive proposals
April 30-May 11: Interviews of qualified applicants
May: Recommendation to
PDC executive director;
recommendation by the
executive director to the PDC board; notice of selection
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