Beaverton's "urban renewal" guru is playing some serious Monopoly with the city's taxpayers' money. It's all for the public good of course, just as it was when he was running the developer cash machine in Portland. Go by streetcar, Beaverton! You'll never know what hit you. It's funny unless you live there.
Comments (11)
Someone refresh my memory... quite a few years ago I used to live out in far SW Portland and went by the Round many times... but didn't it sit half-built for many years while lawsuits and other financing issues were sorted out?
One thing of note about the Round is the closure of the Typhoon restaurant that was there. The last time I visited there a large portion of the development was covered in scaffolding while contractors reconstructed thr building envelope to correct water intrusion problems. The place did not give off a healthy vibe.
I remember during my PSU days where I rode the Blue Line, it was still Tyveked and plastic-wrapped up in 2002, despite having begun in 1998.
It's a dead horse. The 'Tron needs some new leadership that doesn't cowtow to folks like The Don (e.g. not Denny Doyle). The school district and voters really got duped by The Don's henchmen.
The Council and I are steadfast in our commitment to fixing this black eye,” he said.". (Mayor Doyle)
Throwing good money after bad is easy to do when it's OPM you are tossing around. Bureaucrats do not make good developers and planners don't make good cities. Stepping back into this briar patch is an example of hubris exceeding experience. This project has red ink spilled all over it.
The Oregonian's Brad Schmidt did a pretty good job with this piece.
People unfamiliar with the history of The Round can get a clear picture with his story.
The Round's tenacious tenants survive their winter of discontent
Published: Saturday, August 14, 2010
By Brad Schmidt, The Oregonian
Why do I get the sense that building is not worth 25% of that number?
From the article linked by INFO, the 8.65M purchases 27,000 SF of retail space, netting out to $331/SF. And the current lease rates of $20-23/SF are already complained about as "too high", although with 100% occupancy, those rates barely give the taxpayers a 6.9% return before maintenance, management expenses, taxes, and other expenses.
There is also vacant land and "other elements" involved in this sale, and let's hope - for the taxpayer's sake - that they can recoup some of their losses they are bound to sustain.
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
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Villa Antinori, Toscana 2007
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Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
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Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
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Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
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Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
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Charles Larson - The Portland Murders
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Phil Stanford - Portland Confidential
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Anthony Holden - Big Deal
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Jeff Noon - Vurt
Road Work
Miles run year to date: 29
At this date last year: 66
Total run in 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (11)
Someone refresh my memory... quite a few years ago I used to live out in far SW Portland and went by the Round many times... but didn't it sit half-built for many years while lawsuits and other financing issues were sorted out?
I'm wondering if it's a classic zombie project?
Posted by Mr. Grumpy | February 29, 2012 7:32 PM
Interesting.
I guess "linchpin" was worked to death in The Don's PDX schemes.
Now the new magic word is "...catalyst...",
Poor Beaverton.
Posted by Nonny Mouse | February 29, 2012 7:35 PM
"involving a $8.65 million purchase of the South Office Building"
Why do I get the sense that building is not worth 25% of that number?
Posted by Steve | February 29, 2012 8:03 PM
One thing of note about the Round is the closure of the Typhoon restaurant that was there. The last time I visited there a large portion of the development was covered in scaffolding while contractors reconstructed thr building envelope to correct water intrusion problems. The place did not give off a healthy vibe.
Posted by reader | February 29, 2012 8:14 PM
but didn't it sit half-built for many years
It still is.
Posted by Erik H. | February 29, 2012 8:56 PM
I remember during my PSU days where I rode the Blue Line, it was still Tyveked and plastic-wrapped up in 2002, despite having begun in 1998.
It's a dead horse. The 'Tron needs some new leadership that doesn't cowtow to folks like The Don (e.g. not Denny Doyle). The school district and voters really got duped by The Don's henchmen.
Posted by Soon-to-be-Dr. Alex | February 29, 2012 9:31 PM
This was well orchestrated by the Don.
He waited an ample amount of time after the city conned the voters into approving a 1000 acre/150 million dollar UR district plan this past November.
They waited 3 months to spring it on the public like it was all just an afterthought to the UR plan.
Had the city told the voters they were going buy part of the round the UR plan may not have been approved.
Calling this slick is too kind.
Posted by INFO | February 29, 2012 9:49 PM
The Council and I are steadfast in our commitment to fixing this black eye,” he said.". (Mayor Doyle)
Throwing good money after bad is easy to do when it's OPM you are tossing around. Bureaucrats do not make good developers and planners don't make good cities. Stepping back into this briar patch is an example of hubris exceeding experience. This project has red ink spilled all over it.
Posted by Nolo | March 1, 2012 2:02 AM
The Oregonian's Brad Schmidt did a pretty good job with this piece.
People unfamiliar with the history of The Round can get a clear picture with his story.
The Round's tenacious tenants survive their winter of discontent
Published: Saturday, August 14, 2010
By Brad Schmidt, The Oregonian
http://www.oregonlive.com/beaverton/index.ssf/2010/08/the_rounds_tenacious_tenants_survive_their_winter_of_discontent.html
Posted by INFO | March 1, 2012 7:48 AM
Why do I get the sense that building is not worth 25% of that number?
From the article linked by INFO, the 8.65M purchases 27,000 SF of retail space, netting out to $331/SF. And the current lease rates of $20-23/SF are already complained about as "too high", although with 100% occupancy, those rates barely give the taxpayers a 6.9% return before maintenance, management expenses, taxes, and other expenses.
There is also vacant land and "other elements" involved in this sale, and let's hope - for the taxpayer's sake - that they can recoup some of their losses they are bound to sustain.
Posted by John Rettig | March 1, 2012 8:18 AM
Here's my solution:
De-annex the land from the City of Beaverton. Tell Nike to develop it.
Guaranteed there'll be a beautiful new corporate campus there in two years. And Nike will not ask for property tax exemptions, so everyone wins.
Posted by Erik H. | March 1, 2012 9:47 AM