South Portland Redevelopment Site

Highlights

• Large level parcel of CM2-zoned land for re-development
• 10 tax lots for flexibility
• 5 income producing leased properties on month-to-month leases
• Nearby amenities including shopping, dining, medical centers, schools, parks, river, and recreation

Description

The South Portland Redevelopment site consists of ten parcels of land, totaling 43,500sf. This large assemblage of property provides a unique redevelopment opportunity offering flexibility for multifamily, mixeduse, retail, and office. Located in the highly desirable Johns Landing neighborhood, the property offers easy access, via Macadam Avenue or I-5, to downtown Portland, Lake Oswego, Sellwood, and SW Portland, amongst other areas. It is a rare opportunity that such a large, level piece of land with CM2 zoning comes available in our market for redevelopment. Presently, there are few active land listings zoned CM2, with most averaging around 7,000 SF in size, within a three-mile radius of the site, and there are no similar size parcels of CM2 land for sale.

In addition, the property benefits from five income-producing properties, allowing a developer to have an income stream while going through the planning and design phases with the City of Portland. Furthermore, each of the properties’ leases are month to month, allowing a developer flexibility to obtain control to meet their development timeline.

The South Portland neighborhood encompasses the subset of areas such as South Waterfront, Lair Hill, Corbett, Terwilliger, and John’s Landing. John’s Landing is a long, narrow strip of land along the Willamette River. Its four-mile stretch begins directly south of downtown Portland (South Waterfront) and ends at the Sellwood Bridge. A large section of this area is Willamette Park (26 acres) which includes a boat dock and ramp, picnic areas, soccer field, tennis courts, bicycle paths, trails, river walk ways, and two sports fields. While new development has been limited over the past years in this neighborhood, it is seeing a revitalization through redevelopment and improvement of existing properties such as the new HQ for the local gourmet grocery chain, Zupan’s Marketplace to the south of the property and large redevelopment of the Water Tower office/retail property immediately to the north.
The Johns Landing neighborhood was one of the first areas to be established in Portland. Homes in the neighborhood cover a variety of regional architectural styles from lovely old residential homes with spectacular views of the Willamette River, to newer apartment buildings, condos, and townhomes. Even with new housing inventory being built, Portland continues to have a housing shortage, particularly in multifamily units which lag behind @6,000 units annually (MFNW Apartment Report, Spring 2022).The Johns Landing neighborhood was one of the first areas to be established in Portland. Homes in the neighborhood cover a variety of regional architectural styles from lovely old residential homes with spectacular views of the Willamette River, to newer apartment buildings, condos, and townhomes. Even with new housing inventory being built, Portland continues to have a housing shortage, particularly in multifamily units which lag behind @6,000 units annually (MFNW Apartment Report, Spring 2022). The combination of this with continued in-migration to Portland, Portland City Council’s push for higher-density housing in both urban and suburban markets, and its flexible CM2 zoning provides the perfect redevelopment opportunity for this site.