I thought about it and I will develop the parcel under these conditions:

PDC buys the land and then sells it to me for one dollar.

I will need tax credits on the lot for the next 15 or twenty years at least, but I don't want any of those low income people living there, or anyone else who isn't camera-ready.

I want to use non-approved contractors who might not pay standard wages. The city will need to fund any wage gaps.

I can't be bothered with any red-tape at BDS or BES so Randy needs to fast track this one for me.

I will put some ivy up the side and some kind of garden thingy on the roof but I want a total pass on all of that street-offset and height limit business.

Is it big enough for a baseball stadium?

Better ask 'Mike' and 'Jean' what they think first!

Interesting. This is a case study in how this sort of upzone happens.

It was an R5 zoned residence that sold for $350K in 2007. So after you buy the lot with house (you can actually see both the before/after state of the lot with and without the house here - just move along 11th), you get into an expensive permitting process, demolish the house, and try to flip it over for $450K.

It doesn't sound like a good investment to me - that is, without some public subsidy. Maybe some of the backroom dealings that RANZ brought up are really happening.

It's a high price and yes the street noise is increasing because of streetcar and bridge construction on MLK, but those bagels are the best in town. I've done the research.

So the $450K is just for the LOT?

0.11 acre vacant land for $450,000. No wonder we can't afford a home in Portland anymore!

$450,000 will buy 2-3 homes, each 2000 sqft on 1/4 -1/3 acre, in a planned (not government planned) community in Houston or other area without the insane planners we have here. (Please don't point to California - they have even more restrictive planning than we do.)

We are being bankrupted by the 200+ government planners in this region.

Thanks
JK

Sounds like $450k is for the lot and the entitlements. So it sounds like the seller has gone through the cost of the architect and the time (which is money) of planning and approval from the city.

Pre-approval definitely does have monetary value to a buyer if they want to keep the project as-is.

But wait, with cars whizzing past on both sides and in opposite directions is it possible to harness some of that otherwise wasted energy to drive some sort of turbine or not yet invented device to generate power to heat and cool and apartment complex?

Please spare me the noise about cars not always being around as electric cars can whiz as well and maybe we can also harness the ozone the electric motors produce and convert that to usable energy.

Hey, its Portland so lets think outside the box.

Who will help write the grant request?

Which planning is better for your family?

http://www.newgeography.com/content/001414-atlanta-ground-zero-american-dream

There's a great book out recently called "Our Lot: How real estate came to own us" (Alyssa Katz). Lots of discussion about that "American Dream" they've got going on down there in Atlanta.

Read it not long after reading "Searching for Whitopia" and it was interesting how much overlap there was in the two books ... since one of the essential purposes of sprawl is to facilitate white flight.

Personally I think that everyone who wants to live in Houston or Atlanta and flee the hell that is Portland should definitely follow their dream without wasting another minute here in the People's Republic of Oregon. Remember, the only thing that can happen if you wait is that we'll raise your taxes and your home will lose even more value -- get out now, while you can!

So in 2007 the owner acquired this property and went through the process of getting the zoning changed to build a condo, knocked down the house and then the condo market went south. Is that right? If so, the owner now is trying to find a fool who thinks the condo market is going to come back anytime soon. Good luck on that.

. since one of the essential purposes of sprawl is to facilitate white flight.
Oh, really? Then why are the suburbs more diverse than the inner city noways?

(Perhaps you have not noticed that Metro's land rationing policies have forced many minorities out of inner Portland.)

(PS: Don't tell me to leave my city of birth because I don’t like what YOU are doing to it, you uncaring, cold hearted, arrogant, probable city planner.)

Thanks
JK

So the $450K is just for the LOT?

Just my assumption - based on the use of the word "project" to promote it.

The transfer records indicate that the present owner picked it up just before Portland's peak of the real estate bubble in 2007. And given the latest activity indicated on the permits was over a year ago, meaning it's been idle this past year during the recession, I sense they may be unable to secure financing to move the project forward, and might be attempting to unload it at or below what they have into it at this point.

Snards is right - there are some entitlements built into this price that could have value to a potential buyer. And honestly, it's not a bad idea - two level structure with ground level retail and apartments upstairs. It's a much better scale to the neighhborgood than some developments we've blasted on this blog. But it's not going to pen out at this price.

The EXd zone across the street is more desirable, IMHO, and I'd want to know what's getting built there. Prospective purchasers of this lot would be wise to focus on the words that follow the phrase "subject to the following conditions" in the 2008 design review approval. Sounds like a classic Portland "BOATT development" money pit (bust out another ten thousand). No wonder the guy wants out.

One thing I've learned here is that "entitlements built into this project" generally has little value to a buyer if much time passes-year or more.

Portland's BES if they can find anything different on resubmitted plans, or even having a new developer/builder submit the plans, then it is like resubmitting and paying most or all of the fees again. I had a developer who wanted to add just one rowhouse unit to recently approved plans. Nine months later he got his permit.

Another point is that time lapses also changes what the market is wanting, thus features of permitted plans aren't selling. If there is any "minor changes" BES has a way of adding all kinds of requests, like all new structural plans/calcs, plans, site plans, etc., and resubmittal in many cases. It's like starting from scratch.

Then passage of time many times involves changes in zoning, structural, life/safety requirements. The plans have to be reviewed again with all new fees, etc.

But then if you are Homer Williams, Edlen, Hoffman, Walsh, etc., then these kinds of holdups are forgotten. Join the PDC/CoP favorite team and you're home free.

The lot/house cost 350k back in the day, but the cost just to rehab the home to good condition looks very high.

As far as traffic, businesses like traffic -- foot, cars, bikes, transit, etc.

JK:"0.11 acre vacant land for $450,000. No wonder we can't afford a home in Portland anymore!"

ws:Planners had nothing to do with the uptick of the cost of land/home of 350 k to 450 k just for the land in a matter of 2.5 years. You're scapegoating.

And I am going to assume the LU review and permits didn't cost 100,000 dollars, either.

The seller is trying to maximize their buck. It's called capitalism. The market probably won't afford that right now, especially with financing, as John Rettig pointed out.

The 450k cost is pure speculation as to what someone would pay.

PS: Does it come with a design already finished w/ the sale of the land? It has a concept graphic there already...

Lee - Please note that would be BDS, home of planner central, not BES.

I live in the area and pass this lot often, a contractor friend of mine actually salvaged the staircase and some trim before the existing house was demolished. My friend had to approach them with the request as it was all intended for the trash, even though the interior was in decent condition. The original asking price for this lot was $500,000, it was just recently lowered. I can't imagine anyone will pay anywhere near the $450,000 they are now seeking.

Lee: [If] Portland's [BDS] .... can find anything different on resubmitted plans, or even having a new developer/builder submit the plans, then it is like resubmitting and paying most or all of the fees again.

Council passed a measure last year that extends the period that building permits remain valid, in consideration of the present economic climate.

John Rettig, like I tried to express, if permitted plans are changed a little or somewhat (discretionary on the part of BDS), then the scenario I described is likely where all kinds of fees are reassessed. You're correct, the valid time was extended for plans as submitted and approved and the builder follows those plans.

Another point is that this lot is a corner lot, and as many in Portland don't realize is that even if the R-5 zoning is still in effect (I haven't research this as maybe others have), corner lots allow for two residences on 5000 sq/ft, and even down to 3500 sq/ft as happened in my neighborhood and others. This (to me) was a zone change in disguise by City Council that essentially increased our cities density by 50% on a typical R5 200 x 200' city block. I know of three developers that have paid between $400,000 to $500,000 dollars for corner lots with one house on them.