PORTLAND, Ore. (PORTLAND TRIBUNE) — In the second round of bids for Terminal 1, the city of Portland has received seven offers ranging from $10 million to $10.5 million.
The first time the city put Terminal 1 up for sale, it also received seven bids, but they ranged from $6 million o $10 million. The sale was suspended after the City Council voted to allow developer Homer Williams to try to open a homeless shelter at the 14-acre industrial site in Northwest Portland.
The bidding process was restarted after Portland Housing Commissioner Dan Saltzman pulled the plug on Williams’ project.
The property is owned by the Bureau of Environmental Services, which is overseen by Commissioner Nick Fish. He has always wanted it sold to create industrial jobs, with the proceeds used to hold down future sewer rate increases. At the time, Fish thought the possible homeless shelter discouraged some businesses from bidding on Terminal 1.
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The proposed projects range from a consolidation of Lithia Motors’ operations in Portland to a business park. Three are unspecified. The bids are:
• Lithia Motors, $10 million, operations consolidation.
• Melvin Mark real estate brokers, $10 million, unspecified.
• Lincoln Property Company, $10 million, unspecified.
• Prologis, a global industrial real estate development firm, $10 million, multi-tenant industrial park including manufacturing and warehouse facilities.
• Tandem Development Corporation, $10.5 million, unspecified.
• Kidder Mathews/Cody Development, $10,050,000, modern jobs center and innovative business park.
• Winkler Development Corporation, $10,350,000, river-related industrial development.
The previous offers included: a $6 million bid from Costco Wholesale proposes one of its membership stores at the site; an $8.5 million bid from Kidder Mathews proposes a “new and innovative business park”; a $10 million bid from Winkler Development for 1,000 affordable housing units; a $9 million unspecified offer from Kehoe Northwest Properties, LLC; a $8 million unspecified bid from WPC 2400 NW Front Ave LLC; a $10 million unspecified offer from Lincoln Property Company; and an $8 million unspecified offer from Conax Properties USA, Inc.
The city will now engage in a due diligence process before picking the buyer.