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Two firms partner to market and build out the 48-acre industrial property next to Subaru

MAP COURTESY OF PORT OF PORTLAND - Gresham Vista Business Park

A 48-acre chunk of industrial property in Gresham owned by the Port of Portland will be developed under a recently approved agreement.

The Port of Portland Commission approved the agreement with Specht Development Inc. and Colas Development Group, both of Portland.

The agreement is for marketing and development services, according to an announcement issued by the Port Wednesday, Nov. 11.

The property is called Lot 5 and is in the Gresham Vista Business Park, part of the 221-acre site Port of Portland purchased in 2011. Lot 5 is located along Southeast 242nd Avenue between Stark and Glisan streets, next to the Subaru of America facility.

"The Port has worked with the city of Gresham to develop the site into a thriving jobs center for manufacturing and logistics companies, including Subaru of America and Element 6, a synthetic diamond manufacturer," the announcement said.

Don't expect bulldozers and construction anytime soon, however.

"This is the starting phase to decide what to do with this land," said Susie Rantz, a Port spokesperson.

The Specht/Colas team, which includes Jones Lange Lasalle as the real estate broker, will partner with the Port and city of Gresham on marketing and economic development.

Specht has already worked in the Vista Business Park, but it will be the first time for Colas.

The project expects to develop multiple "build-to-suit" manufacturing facilities, which are buildings specifically constructed to meet the needs and specifications of a tenant. 

The Lot 5 agreement seeks to market and develop a manufacturing-focused business park targeting employers who provide quality jobs, the announcement said.

The quality jobs stipulation is new for the Port.

The Port defines quality jobs as offering at least three of the following: wages equal to or greater than state average wage; competitive benefits; low barriers to entry; career ladder opportunities; workforce support and a diverse and inclusive workplace.

As part of this agreement, the Port also is implementing a new framework focused on diversity, equity and inclusion. This effort includes specific goals to increase minority and women-owned small business participation; create an equitable, inclusive and welcoming place to work; and engage the community. 

Colas itself is a Black-owned business.

"We want this development project to not just bring more quality jobs to East Multnomah County, but to attract businesses that provide stability and career growth so people in the region can support themselves and their families," Keith Leavitt, chief commercial officer at the Port said in the announcement.

The Port of Portland is the largest owner of industrial land in Oregon, with five industrial business parks, along with marine terminals and airports.


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