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25 Oct 2014
26 Oct 2014
Williams/Dame hopes to build nine-story office buiding in Pearl District
Williams/Dame & Associates Inc. wants to build a nine-story, 170,000-square-foot office building on the northwest corner of Northwest Northrup Street and Ninth Avenue in the Pearl District. The Portland developer negotiated a deal to buy the .8-acre site from the Portland Development Commission for $5.5 million.
Plans call for ground-floor retail at the site, with tenants leasing spaces in the PDC-owned Station Place Parking Garage. The Station Place redevelopment also includes the Ziba headquarters building, Residence Inn and the Station Place senior housing project.
PDC agreed to spend an estimated $700,000 to mitigate contamination of its property, which includes arsenic, lead and benzo(a)pyrene in the soil.
Appraisals for the property value, based on its highest and best use, came in at $5.4 million and nearly $7 million, but that use is market-rate housing. PDC prefers the site be used for office space, and the appraised values for that use came in at $3.5 million to nearly $4.2 million.
Williams/Dame will avoid the need to build parking at the site by leasing 99 parking spaces from PDC at market prices, currently about $240,000 a year.
The PDC board will consider the purchase agreement on Wednesday, Oct. 29, in a meeting that begins at 3 p.m.
Steve Law can be reached at 503-546-5139 or email@example.com .
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