MU Redevelopment Opportunity in West Salem

Highlights

• Rare development opportunity
• West Salem Urban Renewal District
• Strong demographics

Description

Known as the former RainSweet site, the subject property is a rare opportunity to acquire close to 6 acres of mixed-use zoned land in West Salem for development. Recent comprehensive plan adjustments moved the zoning to MU-III (Mixed-Use III) which allows for a variety of retail, multi-family, office, and outpatient medical uses. The subject property has access from Bassett, 2nd St. NW, and Murlark.

West Salem services a population estimated at more than 50,000. Retail goods, additional grocery (Safeway and Roth's currently), and housing are all needs.

With very few available commercial parcels of any size available in West Salem, the positioning of the former RainSweet location is an ideal asset for current industrial owners and redevelopers alike. Through the City of Salem's comp plan amendment, the property in question was rezoned to MU-III (Mixed Use 3). Housing needs in Salem are being prioritized by the City, and the MU-III zone is particularly favorable toward the development of retail and multifamily housing in the future. Warehousing and distribution are no longer permitted uses here, but some industrial uses are grandfathered in if the property is not otherwise improved.

West Salem has some of the highest demographic indicators inside of the City, particularly those statistics related to income and education.

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