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Redevelopment Agency board sells Bank of Beaverton building to Portland developer for $850,000; tenants are ChefStable and Lightning Bar Collective, which have brought 17 restaurants and nine bars, mostly to Portland. Planning Commission hearing set for Jan. 22.

PMG PHOTO BY PETER WONG - The former Bank of Beaverton building at 4500 S.W. Watson Ave., at Farmington Road, will house a restaurant and bar subject to Planning Commission approval Jan. 22. The Beaverton Urban Redevelopment Agency voted Dec. 10 to sell the building for $850,000 to Henry Point Development of Portland. Tenants are ChefStable and Lightning Bar Collective, both of Portland.Beaverton will soon see its first high-end restaurant and bar from the groups that have brought 17 other restaurants and nine bars mostly to Portland.

The restaurant and bar will be housed in the former Bank of Beaverton building, almost a century old, that the Beaverton Urban Redevelopment Agency sold to Henry Point Development of Portland.

The sale price for the building at the southeast corner of Watson Avenue and Farmington Road was $850,000, which the board approved Dec. 10. The board consists of Mayor Denny Doyle, the five city councilors and three public members.

The plans for a restaurant and bar are subject to a public hearing Jan. 22 by the Planning Commission, which will conduct a design and historic building review. The structure was built in the Spanish Colonial style in 1923 as Beaverton's first bank; an addition was made in the 1950s. It is 6,192 square feet.

The plans call for removal of 11 parking spaces and their replacement by outside seating.

If all city approvals for construction are granted, tenants are scheduled to occupy the space in late 2020.

Under the sale terms, the redevelopment agency — which bought the building for $1,220,000 back in April — requires the property to be used for a restaurant and bar for 10 years. The agency also has the first right to reacquire the property for 10 years, and retains authority to approve a change in tenants for the first five years.

Doyle said afterward that the project would be the centerpiece of a downtown Restaurant Row that has already attracted about 30 other restaurants, including Ex Novo Brewing Company's first location outside Portland in 2019.

PMG PHOTO BY PETER WONG - Former Bank of Beaverton building, which dates back to 1923, from Farmington Road. Beaverton Urban Redevelopment Agency voted Dec. 10 to sell it for $850,000 to Henry Point Development of Portland for use as a restaurant and bar, subject to Planning Commission approval Jan. 22.Restaurant Row is part of a broader economic strategy for the city.

Alisa Pyszka, an economic development consultant in Portland, said at a Westside Economic Alliance breakfast forum on Dec. 12 that talent matters more — and cheap land and utilities less — in building the future economy. Talented people flocked to larger cities a decade ago, until rising prices drove them to smaller communities such as Bend and Bozeman, Montana.

"Now they are really shifting into suburban areas," said Pyszka, president of Bridge Economic Development. "Beaverton is a great example of what they are doing with their downtown to make it really desirable to attract that talent to their community. The next trend is making your place great."

The tenants are ChefStable and Lightning Bar Collective.

Affiliated restaurants with ChefStable, all in Portland, are Beer O'Clock, Bistro Agnes, ChefStable Catering, Coopers Hall, Dos Hermanos Bakery, Fortune, Grassa, Kask, La Moule, Lardo, Loyal Legion, Oven and Shaker, Ox, St. Jack, The Evergreen, Whey Bar and XLB.

Affiliated with Lightning Bar Collective are Associated (now closed), Capitol, Century Bar, Jackknife, The Bye and Bye, The Sweet Hereafter, Thunderbird, Victoria and Villa Royale in Palm Springs, Calif.

The redevelopment board also took steps Dec. 10 toward mixed-use development for two agency-owned areas just south of The Round/City Hall and the future Patricia Reser Center for the Arts, which is under construction.

The board approved an exclusive negotiation agreement with Urban Development + Partners of Portland for the 2-acre site known as Beaverton Central-2, immediately east of BG's Food Cartel, Beaverton's food-cart pod at the southeast corner of Millikan Way and Rose Biggi Avenue. BC-2 includes the former Curiosities Vintage Mall, which closed Aug. 11 despite a public protest at a June 25 City Council meeting. The Curiosities building had already been acquired by the city, which put the tenant on a short-term lease that was not renewed.

The plan for mixed uses must be done by summer and fit into the larger neighborhood to the north. Part of the frontage of the BC-2 site is on Tualatin Valley Highway.

The board also approved a preliminary step for an exclusive negotiation agreement with Related Northwest and Rembold Properties for a similar mixed-use plan for the area known as Beaverdam West, at the southwest corner of Millikan Way and Rose Biggi Avenue. Councilor Lacey Beaty dissented on that vote.

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NOTE: Corrects date of Ex Novo Brewing opening in Beaverton.


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