Quote:
Originally Posted by urbanlife
The building would have been nice, but $10mill for the site seems steep, though the quarter block behind it on fifth is also going for $10mill, so if a developer wanted to own 3/4 of the block to build a tower, they would be looking at spending $20mill just to acquire the land. My guess is those buildings will probably sit vacant for quite some time. Block 216 sold for about $3.7mill for the whole block (provided I read Portland Maps correctly.)
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That was in 2006 though. Land values have gone way up since then, and then back down (a bit). In 2016 Mill Creek paid $13,200,000 for the Premier Press building and $8,925,000 for the old fire station / Touche, where they're now building the Modera Glisan. That's at least $22,125,000 for a site that isn't even a full block.
That was probably the peak of the market though. A developer looking to build on the Washington Center site would likely account for the fact that any new proposal would be subject to the IZ regulations and construction costs have gone way up in recent years.
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