Neighborhood Notes

This corridor of MLK very much needs this development. It is unfortunate that the timing of these projects came on line when the economy took a down turn. Having The Heritage Building foreclosed and sold off would be a serious blow to the effort to improve this area. I think PDC is doing the right thing by helping secure the new loan. This area needs the support through this slow economy. When the recovery starts, these projects will be vital to bringing more businesses to MLK.

If you live in the area we'd like to hear what you think about this.

From The Oregonian:

Portland's drive to remedy years of neglect along Northeast Martin Luther King Jr. Boulevard hit another bump Wednesday.

The Portland Development Commission, the city's urban renewal agency, had to further delay a developer's loan repayment to halt a possible foreclosure on a key MLK project.

The Heritage Building's developers couldn't find enough tenants to satisfy their first lender, so the PDC acted to clear the way for a new bank loan. Nearby, another PDC-subsidized building, King's Crossing, also has been slow to attract tenants.

The fact that retail and office tenants haven't jumped into the new buildings raises questions about whether the PDC and developers have missed the market.

Read the full story.

This project falls within the Oregon Convention Center: MLK/Alberta Street URA.