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4/28/15
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The former Multnomah Greyhound Park (MGP), a rare parcel of 31 mixed-use acres in the Portland metro area, has been put on the market. Located at 944 NE 223 rd Ave in Wood Village, MGP has long been considered a business and development asset, adaptable to a wide range of commercial uses.
Currently, the metro area’s major office activity is driven by tech companies seeking refuge from high rent cities with limited space options like San Francisco and Seattle. In contrast, Portland offers a deep talent pool and comparatively low cost of living. With ample public transportation and nearby affordable housing options, MGP is just 15 minutes from Portland International Airport and 25 minutes from downtown Portland.
NAI Norris, Beggs & Simpson Senior Vice President Jack McConnell and Vice Presidents Denis O’Neill and Ken Boyko have the listing.
“The property’s current transformation as a residential and employment destination is essential to the economic development of Wood Village as well as Portland because it’s one of the few remaining large, open pieces of land,” explained O’Neill.
The MGP originally opened as the state’s greyhound racing track in 1957. Over the decades, the destination entertainment venue changed names several times before becoming Multnomah Greyhound Park during its peak in 1991. However, after consecutive years of slipping attendance and waning popularity in the late 90s, MGP finally shuttered and closed its doors in 2004.
As a premier chunk of developable land, the property was targeted for the state’s first nontribal casino – a splashy $500 mil bid. Yet, stalled efforts in the aftermath of the recession led to defeated ballots in both 2010 and 2012. Since then, the expansive 31-acre property remains an unfulfilled opportunity.
The City of Wood Village and Multnomah County strongly back the new development, having already master-planned the property with a Town Center zoning designation. The zoning allows a broad range of uses, including a minimum of 308 residential units with no maximum. Ideally, the City of Wood Village wants a balance between residential and employment.
“The City of Wood Village has invested $3.5 mil in infrastructure for the Town Center, improving streets on three sides and installing three lighted intersections,” remarked City Administrator Bill Peterson. “As a ‘shovel ready’ project, only minimal off-sites improvement is necessary, like an updated traffic study.”
Such united public support also includes readily available urban renewal financing with assurances of expedited permits for new construction or renovations of existing improvements. Even a public private partnership is possible.
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