The long-awaited — and repeatedly stalled — North Anchor project faces yet another prolonged delay.
The city of Lake Oswego agreed to a two-year extension on the project — which is a collaboration with Urban Development + Partners — to build a hotel and mixed-use development that will include housing at the corner of State Street and B Avenue. In turn, the city is also contemplating how to lessen potential risk associated with the dilapidated buildings currently at the site.
The Lake Oswego Redevelopment Agency, which is made up of city councilors, approved the delay during a meeting Tuesday, June 18. It also mulled the possibility of coming to an agreement with UDP to demolish the buildings in the interim as a way to lessen one risk associated with the city continuing to own the property rather than initiating the ownership transfer. The transfer was supposed to take place this month but will now occur in 2026, according to the new agreement. The City Council agreed at the meeting to delay the enactment of a disposition and development agreement (a contract that lays out both parties’ obligations) until September as staff negotiates a potential demolition at the site.