WATERFRONT REDEVELOPMENT SITE

Transcription

1 1362 NW NAITO PKWY PORTLAND, OREGON WATERFRONT REDEVELOPMENT SITE Offering Brochure // May 2016 Contact for additional details on this opportunity: Graham Taylor Cara Nolan cara.nolan@cbre.com

2 Walk Score 78 Bike Score 98 Waterfront Redevelopment Site in Portland s Trendy Pearl District The Pearl District offers the best of Portland: neighborhood charm with access to job centers, Downtown Portland and lifestyle amenities. The area has always been a top destination for new residents seeking urban living, and is now in the midst of renewed growth. Restaurants and retail are absorbing great mixed-use locations, making the neighborhood increasingly attractive to new residents. The additions of the Fields Neighborhood Park and New Seasons Marketplace are recent highlights to the revitalized area. The Centennial Mills site offers a waterfront location, historic preservation and opportunity for new development. Just blocks away, the site offers the Portland Streetcar, linking the neighborhood to the Pearl, Downtown, South Waterfront and Central Eastside. Development Opportunity After preserving and activating the Centennial Mills Flour Mill and activating a new waterfront greenway, a developer has nearly limitless options for new development. Uses could be mixed, office, retail, multifamily or hospitality. A 20,000 sf (+/-) development site lends itself to an iconic waterfront development opportunity in Portland s hottest neighborhood. 2

3 PROPERTY DETAILS Feed Mill (optional) Flour Mill Greenway (required) 3

4 PROPERTY DETAILS PROPERTY SPECS Land SQ FT: ± 44,000 / 1.02 AC site Flour Mill: 39,346 SF (+/-) Feed Mill: 21,000 SF (+/-) Zoning: EXd - Central Employment with Design overlay (d) Height Limit: 100 feet Potential Bonus Height: 75 feet Base FAR: 2:1 Available FAR: considerably more APN: R * A new lot line will be created for the sale SITE PLAN Proposals must include preserving and activating the flour mill Flour Mill must be preserved and activated NW Naito Pkwy. Development Site MPU Mounted Patrol (not included) Feed Mill (optional) Feed Mill (optional) Proposals must include new greenway addition and access from NW Naito Pkwy. 4

5 ABOUT THE PROPERTY DEVELOPMENT HIGHLIGHTS LOCATION TRANSPORTATION AREA EMPLOYMENT Pearl District Portland Streetcar High-tech Waterfront Urban Portland Mixed Use MAX Light Rail Bus service I-405 / I-5 access Creative Financial Services Information Services MAJOR EMPLOYERS LEGACY GOOD SAMARITAN MEDICAL CENTER MICROSOFT USA CORPS OF ENGINEERS CRAFT BREW ALLIANCE INC. CON-WAY WIEDEN+KENNEDY PUPPET LABS VESTAS BENSON INDUSTRIES WACOM ZIBA DESIGN HOWARD S. WRIGHT CONSTRUCTION GUNDERSON RAILCAR KB PIPELINE CO. ESCO CORP. NW NATURAL GAS IBERDROLA KEEN FOOTWEAR VNA HEALTH URBAN AIRSHIP SIMPLE BRIDGEPORT BREWING UNIVERSITY OF OREGON LAIKA INC. 5

6 NEW SEASONS MARKET THE PARKER PLANET GRANITE LUCKY LABRADOR BEER HALL THE FIELDS PARK SWIFT AGENCY COSMOPOLITAN PEARL NV PORTLAND PORTLAND STREETCAR W TANNER SPRINGS PARK IL LA BRIDGEPORT BREWPUB MODA CENTER M THE WYATT ET TE R 24 HOUR FITNESS UNION STATION VE JAMISON SQUARE 405 RI SAFEWAY GOOD SAMARITAN MEDICAL CENTER VETERANS MEMORIAL COLISEUM WATERFRONT PEARL USPS REDEVELOPMENT SITE PEARL WEST TRADER JOE S KEEN DESCHUTES BREWERY FRED MEYER URBAN AIRSHIP VESTAS POWELL S BOOKS WHOLE FOODS MARKET BURNSIDE S UNIVERSITY OF OREGON PDX CAMPUS TREET ACE HOTEL PROVIDENCE PARK US BANCORP TOWER TWELVE WEST SENTINEL HOTEL TARGET MA X LI GHT RAI L LINCOLN HIGH SCHOOL WESTIN THE NINES HOTEL PIONEER PLACE MALL PARK AVENUE WEST FOX TOWER KEY STANDARD INSURANCE ARLENE SCHNITZER CONCERT HALL AMENITIES EMPLOYERS AMAZON/ELEMENTAL FUTURE LOCATION MULTI-FAMILY PA R K S PORTLAND STREETCAR MAX LIGHT RAIL BIKE/PEDESTRIAN PATH WAT E R F R O N T D E V E LO P M E N T O P P O R T U N I T Y EBAY PORTLAND STATE UNIVERSITY 405 SATURDAY MARKET

7 NEIGHBORHOOD HIGHLIGHTS The Pearl District is characterized by many of Portland s greatest restaurants, shops, boutiques, and natural amenities. 8

8 PORTLAND HIGHLIGHTS Lloyd Center Tech Triangle CBD Downtown Portland P.S.U. O.H.S.U. Pearl District Brewery Blocks ECONOMIC INDICATORS Portland ranks #10 for great retail business density Multnomah County has led the region in job gains in each of the last four years Portland MSA employment jumped by 3.6% through April with 36,900 new jobs Portland ranks #10 nationally for highest average wage of full time employees at $65,634 Portland has seen a 19% increase in households earning over $150k between 2008 and % multifamily rent growth in Yardi Matrix 9.0% multifamily rent growth forecast for Yardi Matrix 1.3 months of Single-Family for sale inventory Portland has the second highest population growth rate in America within two miles of City Hall, trailing only Chicago VACANCY RATES MULTIFAMILY INDUSTRIAL URBAN/CBD OFFICE CBD UPPER TIER HOSPITALITY 3.5% vacancy 4.0% vacancy 8.7% vacancy 81.1% occupancy No other site in the Pearl District offers the scale of massing, cultural history and direct access to the urban core. This is truly a unique opportunity to create and reactivate an iconic location. 9

9 DEMOGRAPHICS & EMPLOYMENT 2016 DEMOGRAPHICS // 1 MILE RADIUS Estimated Population 26,911 Population Growth from % Projected Growth Rate 9.3% Median Age 38.6 Estimated Households 17,215 Average Household Income $78,394 Bachelor s Degree or Higher 62.2% Daytime Employees 90,789 10

10 PLEASE NOTE: SELLER S (PDC S) NON-NEGOTIABLE TERMS,OFFER SPECIFICATIONS & SPECIAL DISCLOSURE Non-negotiable terms - Flour Mill to be preserved, renovated and activated - Greenway o Improve the greenway path the full length of the site purchased, approximately 200 linear feet o Provide and improve an access easement from NW Naito Pkwy to the riverfront greenway in front of property - PDC standards o Construction must commence within three years of sale. o PDC s Green Building Policy shall apply LEED Gold or better o PDC Business and Workforce Equity Policies shall apply Minimum 20% M/W/D/ESB certified firm participation for both soft and hard costs Construction apprenticeships o All terms of a Purchase and Sale Agreement shall first be approved by the PDC Board of Commissions o Any material submitted to PDC may be deemed a public record and may be subject to disclose upon request o Liquidated damage and penalties may apply if buyer does not comply with these standards - Allowed uses the following are approved uses o Mixed Use o Market Rate Housing o Affordable/Mixed Affordable Housing o Hospitality and/or Leisure o Office Optional - Feed Mill It shall be optional to purchaser whether or not they shall purchase and preserve, renovate and activate the Feed Mill Building Offer Specifications - All Offers must contain the following items: o Purchase Price o Earnest Money o Buyers Conditions to Purchase o Due Diligence Timeline o Closing Timeline o Proposed use(s) for the site o Buyers Capabilities Financial Capabilities to be described Experience in Redevelopment Projects of similar size and scope o Confirmation of Buyers review of the Real Estate Disclosures available on property website Special Disclosure 1. Harsch Investment Properties (Harsch) will be given the opportunity to match term-for-term, any development offer that Portland Development Commission (PDC) selects from a qualified buyer. 2. PDC shall determine in its sole discretion what buyers are deemed qualified. In general the term shall mean that a buyer possesses the financial capability to consummate a purchase of the Property and to develop the site, consistent with PDC s requirements, in an expeditious manner. 3. If a qualified buyer makes an offer that is selected by PDC and Harsch agrees to match that offer, then the qualified buyer that is displaced by Harsch shall be paid a displacement fee. The displacement fee shall be $25, The displacement fee shall be paid by PDC to the displaced buyer at the time of closing with Harsch. PDC will execute with the displaced buyer a separate agreement setting forth those terms. 4. Qualified buyers that have had their offer selected by PDC, shall be informed by PDC or as directed by its authorized agent of Harsch s displacement decision at the end of the Decision Period. 5. PDC will disclose the selected offer received to Harsch in order to initiate the potential displacement decision. 11

11 CALL FOR OFFERS DUE ON JUNE 23, NW NAITO PKWY PORTLAND, OREGON SALES CONTACTS: Graham Taylor Licensed in Oregon Cara Nolan cara.nolan@cbre.com Licensed in Oregon CBRE 1300 SW 5th Ave Suite 3000 Portland, OR CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. ::