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WestlinnDuck
Member Posts: 15,710 
in Tug Tavern
So, the commie organization (think AOC running the thing) Prosper Portland thinks its 2019 and that their role as the Portland Development Agency is to extort as much money out of real estate developers. In a growing commercial real estate market, you can have some success. But not in 2021 after BLM/antifa and the Oregon covid response decimated the downtown/Pearl area. Practices that had the full support of Prosper Portland. So, it thanks for the fish and an exit stage right. My favorite part. "I’m not startled they walked away at this point,” said Jerry Johnson, a Portland-based real estate consultant. “Probably everything they thought they were going to make money on — multifamily, office and ground floor retail — the prospects aren’t as strong as they were before. The ground environment in that area has eroded a bit, too, and I doubt that didn’t catch their attention.”
https://www.oregonlive.com/business/2021/10/emails-shed-light-on-why-portlands-broadway-corridor-developer-backed-out.html
Emails shed light on why Portland’s Broadway Corridor developer backed out
The Colorado-based firm that pulled out of its role leading the redevelopment of Portland’s former central post office chafed under the city’s close management of the project, emails show.
In an email outlining the reasons it wouldn’t pursue the project, Continuum Partners complained that the city’s economic development agency, Prosper Portland, was unwilling to give up control over the plan and timelines for putting down roads and pipes to support the development. And it wanted the city to offer fixed prices for the pieces of land it would develop, even if their market value climbed during the years-long buildout.
In an email outlining the reasons it wouldn’t pursue the project, Continuum Partners complained that the city’s economic development agency, Prosper Portland, was unwilling to give up control over the plan and timelines for putting down roads and pipes to support the development. And it wanted the city to offer fixed prices for the pieces of land it would develop, even if their market value climbed during the years-long buildout.
What that means for the future of the high-profile Broadway Corridor redevelopment remains unclear.
The city says it doesn’t anticipate the setback impacting the timeline of the project because it still has several years of demolition and infrastructure work ahead before developers can start building the apartment and office towers imagined in a master plan. But local real estate experts worry that the city could struggle to attract new developers willing to meet the terms of a sweeping “community benefits agreement” and other restrictions from the city. Rising building costs and the pandemic have added a new layer of uncertainty.
“It has to make financial sense for someone,” said Nathan Sasaki, executive director of Apex Real Estate Partners, a downtown real estate brokerage.
The decision by Continuum Partners to bow out came after Prosper Portland staff repeatedly asked the company over a month and a half to respond with comments on an updated development agreement.
But instead of continuing negotiations, Continuum Partners CEO Mark Falcone emailed Prosper Portland executive director Kimberly Branam on Aug. 20 to request a private meeting. The two spoke four days later.
On Aug. 25, Falcone sent a bullet-point list to Branam, laying out the reasons that Continuum could no longer stay on as developer.
He said the company was wary of not being able to negotiate fixed land prices for parcels it would purchase over time and said the agreement with the city didn’t provide the flexibility the company needed to mitigate risk. Falcone also said the company felt it had too little control over the infrastructure development it would need to invest in a complex, multi-phase development.
“The truth is you have never really been willing to surrender Prosper’s control of the master development role,” Falcone wrote.
But even last fall, construction prices were soaring, and the coronavirus pandemic had already depressed demand for office space and added a new layer of uncertainty to large-scale, mixed-use developments in urban city centers. When Continuum’s decision to bow out was announced publicly earlier this month, Falcone pointed to the challenging real estate market as a factor in the company’s decision.
“I’m not startled they walked away at this point,” said Jerry Johnson, a Portland-based real estate consultant. “Probably everything they thought they were going to make money on — multifamily, office and ground floor retail — the prospects aren’t as strong as they were before. The ground environment in that area has eroded a bit, too, and I doubt that didn’t catch their attention.”
https://www.oregonlive.com/business/2021/10/emails-shed-light-on-why-portlands-broadway-corridor-developer-backed-out.html
Emails shed light on why Portland’s Broadway Corridor developer backed out
The Colorado-based firm that pulled out of its role leading the redevelopment of Portland’s former central post office chafed under the city’s close management of the project, emails show.
In an email outlining the reasons it wouldn’t pursue the project, Continuum Partners complained that the city’s economic development agency, Prosper Portland, was unwilling to give up control over the plan and timelines for putting down roads and pipes to support the development. And it wanted the city to offer fixed prices for the pieces of land it would develop, even if their market value climbed during the years-long buildout.
In an email outlining the reasons it wouldn’t pursue the project, Continuum Partners complained that the city’s economic development agency, Prosper Portland, was unwilling to give up control over the plan and timelines for putting down roads and pipes to support the development. And it wanted the city to offer fixed prices for the pieces of land it would develop, even if their market value climbed during the years-long buildout.
What that means for the future of the high-profile Broadway Corridor redevelopment remains unclear.
The city says it doesn’t anticipate the setback impacting the timeline of the project because it still has several years of demolition and infrastructure work ahead before developers can start building the apartment and office towers imagined in a master plan. But local real estate experts worry that the city could struggle to attract new developers willing to meet the terms of a sweeping “community benefits agreement” and other restrictions from the city. Rising building costs and the pandemic have added a new layer of uncertainty.
“It has to make financial sense for someone,” said Nathan Sasaki, executive director of Apex Real Estate Partners, a downtown real estate brokerage.
The decision by Continuum Partners to bow out came after Prosper Portland staff repeatedly asked the company over a month and a half to respond with comments on an updated development agreement.
But instead of continuing negotiations, Continuum Partners CEO Mark Falcone emailed Prosper Portland executive director Kimberly Branam on Aug. 20 to request a private meeting. The two spoke four days later.
On Aug. 25, Falcone sent a bullet-point list to Branam, laying out the reasons that Continuum could no longer stay on as developer.
He said the company was wary of not being able to negotiate fixed land prices for parcels it would purchase over time and said the agreement with the city didn’t provide the flexibility the company needed to mitigate risk. Falcone also said the company felt it had too little control over the infrastructure development it would need to invest in a complex, multi-phase development.
“The truth is you have never really been willing to surrender Prosper’s control of the master development role,” Falcone wrote.
But even last fall, construction prices were soaring, and the coronavirus pandemic had already depressed demand for office space and added a new layer of uncertainty to large-scale, mixed-use developments in urban city centers. When Continuum’s decision to bow out was announced publicly earlier this month, Falcone pointed to the challenging real estate market as a factor in the company’s decision.
“I’m not startled they walked away at this point,” said Jerry Johnson, a Portland-based real estate consultant. “Probably everything they thought they were going to make money on — multifamily, office and ground floor retail — the prospects aren’t as strong as they were before. The ground environment in that area has eroded a bit, too, and I doubt that didn’t catch their attention.”
Comments
Imagine that
https://www.oregonlive.com/dining/2021/10/paleys-place-restaurant-to-close-after-thanksgiving.html
After 26 years in Northwest Portland, Vitaly and Kimberly Paley plan to close their award-winning restaurant Paley’s Place and retire after Thanksgiving service, the couple said in a phone interview Monday. The decision will be officially announced in a newsletter later today.
News of the Paleys’ plans to put their landmark restaurant and its converted Victorian home on the market had the local restaurant world buzzing early Monday. Paley’s Place, The Oregonian’s 1999 Restaurant of the Year, is one of a handful of restaurants -- along with The Heathman, Higgins, Zefiro, Wildwood and others -- that redefined Portland dining in the 1990s, pairing big-city ambition with deep ties to Oregon farms.
Paley’s Place will continue operating through the Thanksgiving holiday, typically the Northwest 21st Avenue restaurant’s busiest weekend. The Paleys will then take the month of December to sell off equipment, tie up loose ends and prepare the restaurant’s 116-year-old building for sale. The City of Portland assesses the property at $2.1 million.
“Vito and I are done,” Kimberly Paley said in a phone interview Monday. “We’ve been at this for 40 years, including 26-plus in Portland, and we’re tired. We want to go out on a high and stay loving the industry.”
The restaurant, an early pioneer in Portland’s farm-to-table restaurant scene, has earned numerous accolades over the years, including The Oregonian’s annual top restaurant honor, a James Beard Award for Vitaly in 2005 and an “Iron Chef America” win in 2011. The couple also published a cookbook with the late food writer Robert Reynolds in 2008. And Kimberly’s dining room is often singled out as the gold standard for service in Portland.
Starting in 2012, Paley’s Place became the base of operations for a major expansion, with the Paleys opening new restaurants in several downtown Portland hotels...
The Paleys’ styles of food and service were a hit in Portland, where a dining revolution was already underway. After 17 years at a single location, the couple began an expansion push, starting with Imperial, which opened on Southwest Broadway in 2012. By March 2020, the Paleys employed more than 200 people. But the pandemic proved particularly harsh for the city’s downtown core. Last summer, the Paleys cut ties with all of their downtown Portland hotel restaurants, including Imperial and The Crown pizzeria at Hotel Lucia, Headwaters and the seasonal Russian tea experience at The Heathman and the Italian/Eastern European mashup Rosa Rosa at Dossier.
After the closures, the Paleys dug their feet in at Paley’s Place, adjusting to the various state-mandated closures, reopenings and mask mandates, offering elaborate meals to go and hosting cooking classes on Instagram. Recently, the restaurant joined the growing list of Portland restaurants and bars to require proof of vaccination to dine indoors. According to Kimberly, they’ve never been busier — at least since COVID-19 cut their capacity.
“‘Busy’ is a relative word,” Vitaly cautioned. “We’re busy based on the fact that we’re at 70% capacity. But how long is this going to last when the weather changes? We’re already only open four days out of the week, and not all of our tables and chairs are out. Make no mistake, we’re tired. This has been a trying period for everybody, and continuing on this path is not an option.”
Ten years ago, Vitaly says he and Kimberly could have seen himself rolling up his sleeves and “continuing to fight.” But at 58 and 66 years old, respectively, working 14-hour days back-to-back is not an option. Meanwhile, Vitaly wonders if the pandemic has changed the face of hospitality for good. Enforcing each new COVID protocol has pushed the couple further from the graceful hospitality that enticed them into the restaurant industry in the first place. “We’ve become a bit of a flight attendant,” Vitaly said.
Thanks, Antifa!
Yes after not wanting to fight covid bs anymore
Closed by the end of this weekend.
https://www.oregonlive.com/education/2021/10/oregons-freshman-success-rate-tanks-raising-specter-of-massive-dropout-problem-ahead.html
Oregon’s freshman success rate tanks, raising specter of massive dropout problem ahead
More than a quarter of Oregon high school freshmen failed too many classes last school year and over the summer to be on track for graduation. It was by far the worst outcome in the seven years Oregon has measured the freshman success rate and could presage a huge dropout problem for the class of 2024.
More than a quarter of Oregon high school freshmen failed too many classes last school year and over the summer to be on track for graduation. It was by far the worst outcome in the seven years Oregon has measured the freshman success rate and could presage a huge dropout problem for the class of 2024.
Oregon schools chief Colt Gill says he’s optimistic Oregon educators won’t let mass course failures undercut the state’s current sophomore class. Gill predicted the gut-wrenching statistics will spur action in high schools and school districts to get this year’s sophomores back on track.
“That is the power of the data,” he said. “My feeling is the data will drive action.” [Leftards lie and love to be lied to.]