PORTLAND, Ore. (KOIN) — Portland’s economic development agency has acquired an “underutilized” property in Old Town-Chinatown, in hopes of further activating the neighborhood.
On Wednesday afternoon, the Prosper Portland Board of Commissioners unanimously approved the $7.25 million purchase of Block 33. The site on 125 NW Fourth Ave. currently serves as a parking structure, and will continue to for the foreseeable future, but officials expect the recent acquisition to advance the Old Town/Chinatown Action Plan.
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Initially adopted by Portland City Council in 2014 as a five-year effort, the plan set out to invest in the historic neighborhood’s safety, business vitality and overall livability. City leaders extended the plan for another five years in 2019.
“In recent decades and through the COVID-19 pandemic, the neighborhood has experienced significant challenges including a high concentration of social service providers serving individuals experiencing homelessness, addiction, or mental health issues,” a Prosper Portland commission report from Jan. 14 reads. “The district continues to face persistent economic disparities and has seen the erosion of its historic cultural identity as development pressures and disinvestment have simultaneously impacted the area.”
The report states the agency’s purchase of the 40,000-square-foot Block 33 will allow officials to better implement security and cleanliness measures on and around the site. The city additionally plans to host pop-up events at the site when it is not being utilized for parking…