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OHSU moves forward with $160 million science complex on South Waterfront
Published: Thursday, September 09, 2010, 6:32 PM Updated: Thursday, September 09, 2010, 6:48 PM
Ted Sickinger, The Oregonian
The street car passes through Portland's South Waterfront
The Board of directors at
Oregon Health & Science University voted Thursday to move forward with design and construction of a $160 million, 263,000-square-foot "life sciences collaborative complex" in Portland's South Waterfront.
The complex, sitting on land just south of the Marquam Bridge donated by the Schnitzer family, would allow OHSU to expand its medical, dentistry, nursing and physician assistant schools. It also will make room for the OSU pharmacy, UO psychology and PSU biology and chemistry programs.
OHSU will contibute $70 million to the construction budget, including $40 million in cash raised from an anonymous donor and $30 million in debt service on state issued revenue bonds. The university system will kick in another $30 million in debt service on the revenue bonds, and the State of Oregon will pay off $50 million in bonds from the general fund. TriMet will put up $10 million to build a transit station near the center.
The universities are seeking a private partner to help build out business incubator space in the complex. Construction is slated to begin in December 2011, with proposed completion in summer 2014. OHSU programs would occupy about half the building. OHSU officials say incremental tuition from additional students and recovery of reserch overhead would offset operating costs.
The OHSU board approval follows a similar vote in July by leaders of the Oregon University System.
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Ted Sickinger
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