City receives higher bids for Terminal 1 the second time around
The first time the city put Terminal 1 up for sale, it also received seven bids, but they ranged from $6 million to $10 million.
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.
Strangely, one bidder, Medford's Lithia Motors, proposed that the city move the iconic Portlandia statue from the Portland Building to the site.
"The offering parties would like to propose that the iconic Portlandia Statue be moved to the Terminal 1 site, welcoming seafarers and the world to our beautiful city," Lithia Motors wrote in its bid. "As the second-largest hammed [sic] copper sculpture in the United States and the symbol of the city, Portlandia could finally find a place to project both her place and the confidence of the community."
The first time the city put Terminal 1 up for sale, it also received seven bids, but they ranged from $6 million to $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.
Range of proposals
Three of the offers are repeats, although one bidder, the Winkler Development Corporation, changed its proposal from an affordable housing project to an industrial development.
Proposed projects range from a consolidation of Lithia Motors' operations in Portland to a business park. Three are unspecified.
The bids are:
• Tandem Development Corp., $10.5 million, unspecified.
• Winkler Development Corp., $10,350,000, river-related industrial development.
• Kidder Mathews/Cody Development, $10,050,000, modern jobs center and innovative business park.
• Lithia Motors, $10 million, operations consolidation.
• Melvin Mark Real Estate Brokers, $10 million, unspecified.
• Lincoln Property Co., $10 million, unspecified.
• Prologis, a global industrial real estate development firm, $10 million, multi-tenant industrial park including manufacturing and warehouse facilities.
Previous offers included: a $6 million bid from Costco Wholesale, which proposed to build one of its membership stores at the site; an $8.5 million bid from Kidder Mathews for 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 Co.; and an $8 million unspecified offer from Conax Properties USA Inc.
The city will do its due diligence before picking the buyer.
Read related Portland Tribune coverage on the previous bids, tinyurl.com/huwxw4k.