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Wednesday, February 29, 2012

The Don is dealing it up big time

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?

I'm wondering if it's a classic zombie project?


I guess "linchpin" was worked to death in The Don's PDX schemes.

Now the new magic word is "...catalyst...",

Poor Beaverton.

"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?

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.

but didn't it sit half-built for many years

It still is.

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.

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.

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.

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.

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