Posted Aug 17, 2013, 4:29 AM
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Join Date: May 2005
Location: Portland
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Aug 16, 2013, 11:16am PDT UPDATED: Aug 16, 2013, 2:45pm PDT
Rose Quarter redevelopment: Forgotten, but not gone
Wendy Culverwell
Real Estate Daily editor-
Portland Business Journal
http://www.bizjournals.com/portland/...n.html?s=print
Quote:
Plans to overhaul Veterans Memorial Coliseum at Portland’s Rose Quarter may be forgotten, but they are far from gone.
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Chris McGowan, nine months into his tenure as president of the Portland Trail Blazers, said the deal will yield immediate updates to the Rose Quarter, including new signs, improved event-oriented food service, landscaping and upgrades to the fountain area.
Job No. 1 is improving the experience of people attending events at Moda Center and Veterans Memorial Coliseum.
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The city had planned to invest $31.5 million to redevelop the coliseum this summer in partnership with the Portland Winterhawks, the coliseum’s chief tenant. The city would contribute $21.5 million through its economic development agency, the Portland Development Commission, and the Winterhawks signed on for a $10 million contribution.
The deal was literally days from council approval in late 2012 when the Western Hockey League hit the Winterhawks with sanctions for various infractions. Then-Mayor Sam Adams pulled the deal off its agenda and rescheduled it for March 13, 2013.
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The mayor’s office could not provide an update on its current status. While the Rose Quarter project was a top priority for Mayor Adams, it apparently is not one for Mayor Hales. Hales outlines his five top priorities on his Web page. The Rose Quarter is not on the list.
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The PDC’s $21.5 million share of the project is included in the budget for the Oregon Convention Center Urban Renewal Area, which includes the Rose Quarter.
“The plan quite frankly is they’re backing up a little bit, taking a hard look at the economics. It’s the changes you’d expect given the changes at city hall,” he said.
Wendy Culverwell covers real estate, retail and hospitality.
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