2800 NE 82nd Avenue , Portland, OR (Multnomah County)

DESCRIPTION: This 26.2± acre Siskiyou Square mixed-use development site is one of the largest infill development properties available for sale in the city of Portland, with a strategic location for accommodating commercial, light industrial and residential uses in proximity to I-84, downtown Portland and Portland International Airport. The property is located along NE 82nd Avenue across from Madison High School, and bounded by NE Siskiyou Street on the north.

The Seller is offering the property in its entirety, or in two parcels of 12.52± acres and 13.75± acres, with reserve prices established for the Auction from $2.08 per sq. ft. to $6.23 per sq. ft., with the added incentive of five-year seller financing.

The zoning permits a variety of employment-based development and a mix of retail and residential uses. Retail uses may not exceed a floor area of 60,000 sq. ft. per building. Prior proposals for the 25.9± acre site have included a large box retail development, which was withdrawn after resistance from the neighborhood and slow-down of the economy. Two alternative conceptual plans are outlined to illustrate the range of potential uses for the property, consistent with the zoning.

Option One: This plan outlines a 125,000± sq. ft. retail and commercial/office development on Parcel A, containing 12.52± acres, which is designed with four individual buildings and landscaped plaza. A total of 390 parking spaces serve the retail and commercial uses. A light industrial complex is proposed on Parcel B, containing 13.75± acres, with up to 11 individual buildings targeted to both small and medium size businesses. Outdoor yard space/loading areas are incorporated into the development. Both developments would utilize the two entries from NE 82nd Avenue.

Option Two: This plan transforms the 26.2± acre property into a campus for an educational, religious, or other organization which requires a central conference and learning facility with a housing component in the city of Portland. An estimated 50% of the site would be landscaped with opportunity for holding year-round retreats and other programming for its membership with walking and bike trails linking the property to the nearby parks.

Other options for the property are outlined in Imagine 82nd - a vision planning report for the N.E. 82nd corridor, between I-84 and Sandy Boulevard, prepared in 2008 by Portland State University for Madison South and Roseway neighborhoods. Siskiyou Square is identified as a keystone opportunity for a mixed-use development and business park with companies with a "green bent.”

The 26.2± acre property had been used for a driving range, and a portion was sold several years ago which has since been developed for retail at the corner of NE Siskiyou and NE 82nd. The site was historically used as a landfill for construction debris in the late 1970s, when I-84 was being constructed. The Seller has installed and operated a methane gas monitoring and extraction system on-site, in full compliance with the Oregon Department of Environmental Quality, and it will not impact either use or development of the site. Copies of traffic and geological studies used for the proposed retail development are available along with Phase I Environmental Assessment, DEQ update, Remediation Report, survey, zoning, Imagine 82nd Vision Plan and other studies (see Supplemental Information Package).

The sale of the property will be subject to the Buyer having up to 60 days following bid acceptance to review and verify all issues related to the environmental status of the property.

There is an on-site cell tower which currently generates annual income of $10,000.