Portland Development Commission has reached an agreement to sell the plot of land, long a used car lot, at MLK & Bryant to a
From yesterday’s article in the Portland Business Journal:
Geza Development LLC, a company registered by Meron Alemseghed, plans to purchase a 16,800-square-foot parcel at 6931 N.E. Martin Luther King Jr. Blvd. from the Portland Development Commission for $415,000. The company, which has nine full-time employees, plans to relocate its residential construction business to the site…
PDC put the land on the market this spring and received three offers, ranging from $250,000 to $375,000. PDC selected Geza’s offer and then negotiated a purchase price of $415,000. The agency noted that selling to Geza helps meet the goals of PDC’s 2015-2020 Strategic Plan to foster new businesses and real estate ownership in low-income neighborhoods.
As part of the deal, Geza would not be able to build market rate housing on the site for five years, a condition aimed at promoting a “job-oriented use” on the site. After the five-year period, however, other commercial and residential uses could be considered.
Twitter user Defiance, darling had this reponse today to PDC’s announced deal (scheduled to be considered for final approval today):