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This page contains a single entry from the blog posted on January 3, 2013 9:45 AM. The previous post in this blog was Novick starts his City Hall blog. The next post in this blog is Real estate overlords get out of parking business. Many more can be found on the main index page or by looking through the archives.



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Thursday, January 3, 2013

Nike SoWhat talk continues

The mystery of where in Oregon Nike will build its new office facility continues getting flogged in today's Trib. There's still speculation that they'll put it in the failed SoWhat District on the Portland waterfront. Seems like an awfully awkward place to try to get to and from. We can't imagine the celebrity endorsers asking their limo drivers, "Where the heck are we going?" as they try to navigate their way through the insanely inadequate roads leading in and out of the soulless district.

Meanwhile, as wise readers have suspected, the scorekeeping is going to be quite funky on how much "new" investment the giant sneaker maker is actually shelling out. It may not rise the level of Vestas-scam funky, but it's certainly not what the public was led to believe when Governor Retread was selling the rush-rush tax giveaway:

The agreement between Kitzhaber and Nike says the company’s expansion project began in January 2012. That does not mean Nike decided to expand in Oregon more than 11 months before the special session, however. Both Nike officials and Kitzhaber’s office indicated it means that’s when the company seriously began studying where to expand both inside and outside of the state. The January date was included so that any pre-development costs incurred before the decision is made can count towards the minimum $150 million investment.

Too funny. And it will no doubt get even funnier before it's over. When it comes to creativity, nobody beats multinational corporations' accountants. Indeed, Nike should have its bean counters put in for a RACC grant.

Comments (14)

Doesn't Nike own Tek Woods, the wooded property located south of the existing Nike World Campus? Isn't that very ripe for development? And the MAX line runs just to the south of the line?

Isn't there vacant land just southwest of the MAX station, which by itself isn't sufficient but could house several office buildings and a skybridge could easily span the MAX line and connect it with Tek Woods?

Couldn't Nike buy up the Tektronix property and redevelop it for much cheaper than moving to Portland? Both Nike and Tektronix are both covered under the "You can't annex me Beaverton" clause; why would Nike willingly want to move to high-property-tax Portland, if they can't even be bothered to pay Beaverton taxes?

Many of Nike's younger (read: generation Y and millennial) employees live in the urban core of Portland and counter commute to their suburban offices in Beaverton.
This generation wants to live and work in urban core vs. the 'burbs. This is not unique to Portland but a national trend in the United States.
This is an opportunity for Nike to diversify real estate holdings to another office submarket that is attractive to younger employees and will assist in attracting and retaining the best and brightest in the industry.

Out of town executives do not think of Nike when limited to downtown hotel and business locations.

This will also provide a branding opportunity for NIKE with increased visibility downtown.

Rumor on the street is this could grow over time to one million square feet of office space with 4,000 + employees. Comparing the job creation of NIKE to Vestas is comparing apples to bowling balls.

Instead of slamming NIKE and the South Waterfront, let’s cheer them on… God knows we need the jobs.

I ran into two acquaintences a few days ago who are "older Nike employees" who counter commute. We had a conversation about that commute. They seemed to think most of their fellow employees lived in or around Beaverton, and never come to Portland. Would be nice to see some actual good data around this topic.

At least unlike Vestas, Nike actually makes money and isn't likely to go bankrupt anytime soon.

Can't Tiger take the streetcar?

This is an opportunity for Nike to diversify real estate holdings to
another office submarket that is attractive to younger employees and will
assist in attracting and retaining the best and brightest in the industry.

What a load. Nobody of any age goes to SoWhat willingly.

Rumor on the street is this could grow over time to one million square feet of office space with 4,000 + employees.

Pass the mushrooms.

At least unlike Vestas, Nike actually makes money and isn't likely to go bankrupt anytime soon.

And can therefore afford to pay their taxes without special handouts like the majority of businesses, large and small, do throughout the state.

Jack wrote: insanely inadequate roads

I couldn't agree more. The streetcar stops and other "creative" lane-shifting gimmicks make it a slog, even when there isn't much traffic.

The worst part has been the Orange Line construction, which has messed up the northern end even worse than usual. That's going to continue for some time.

I can't imagine how bad it will be if Nike moves in. It already takes several cycles just to make the stoplight to go southbound on Macadam.

Only Tax Professionals Benefit from the State Corporate Tax:

That was my profession for 35+ years, but I have to agree with this guy's comments.

Rumor on the street is this could grow over time to one million square feet....
Occasionally there is the faint scent of the Vancouver penny-stock market blogging.

I will be personally pissed off if they build on the wooded lot(s) south of their campus.

It has some of the nicest mix of tree species in the area.

But Beaverton likes to chop down forests and put up strip malls and over-designed roads, so it might be up their alley.

Here's all the proof you need about our elected officials' eagerness to sell out to NIKE. It's from Steve Novick's position papers linked on the post below, and proves 2 things:

1.) That NIKE runs the politicians in Oregon and...

2.) Nobody made it through the entire Novick manifesto to the end. Check this out from the earthquake preparedness section:

Phil Knight gave $100 million to Oregon Health & Science University. If he would pay the same amount to bolt down 29,411 houses, here's one vote for putting a swoosh on the entrance to City Hall.

Less than a week in office and - for the right price - Novick is offering to put the NIKE swoosh on the entrance to city hall? Scary.

How about this? For the right price, our local politicians offer to get a NIKE swoosh tattoo on their foreheads.

We are entitled to our own opinions but not our own facts.

A factual post on the current occupancy levels of the Southwaterfront have been deleted twice.

BoJack said: "What a load. Nobody of any age goes to SoWhat willingly..

The facts: occupancy of existing residential is 98% while office/medical is 95%. There is one billion dollars of construction going on in the Southwaterfront (which excludes the potential NIKE campus).

To modify a Yogi Berra quote: "nobody goes to the Southwaterfront is too crowded".

I agree the road access is challenging and the small amount of retail has vacancy rates above the overall Portland market.

Jobs are being created in the Southwaterfront and it is a good thing,

Hopefully this post won't get deleted yet again.

Brian, like your earlier post, my post was deleted too. I stated you were blowing hot air with your SoWhat numbers.

An example being that you claimed 900,000 sq/ft of new office space in SoWhat. I replied that the only building you could maybe call an office building is the OHSU Clinic Building which is only 400,000 sf/ft. And I acknowledged that REACH (builder of the new Gray Affordable Housing building) have new offices on the ground floor of 12,000 sq/ft.

Your claims and numbers don't always add up to reality.


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