PDC set to OK purchase of sprawling Post Office site in Pearl District
The Portland Development Commission is set to authorize an $88 million purchase agreement for the U.S. Postal Service distribution center in Northwest Portland on Wednesday.
The 13.4-acre parcel is located at 715 N.W. Hoyt St., a prime parcel envisioned for a major redevelopment led by PDC.
The deal has long been championed by civic leaders, such as the late developer Bill Naito, as a way to move the post office closer to the airport, where it receives and sends most of the region's mail, and free up prime central city real estate for other uses. The site is adjacent to Union Station, the Broadway Bridge, the Greyhound Bus Terminal and the Pearl District.
The post office has identified its preferred new site to build a replacement regional mail distribution center near Portland International Airport. That's a 47.5 acre site at the northwest corner of NE Alderwood Road and NE Cornfoot Road, at Colwood Industrial Park, owned by Trammell Crow.
Under the proposed deal, the Portland Housing Bureau will contribute $13 million of the purchase price, in exchange for getting future rights to build affordable housing as part of the redevelopment.
The post office will use money from PDC and the housing bureau, plus $69 million in federal funds, to build a 789,837-square-foot replacement facility.
The existing post office branch on Hoyt Street will remain open until PDC provides an alternative site for the postal service within one mile, to reopen the facility elsewhere.