A new food cart pod, pub and a market-rate apartment building are likely on the menu for the Lents neighborhood after the Portland Development Commission approved the sale of a slice of property at the corner of Southeast Woodstock Boulevard and Southeast 93rd Avenue.
The PDC Board of Commissioners voted 5-0 Wednesday night to approve the sale of two parcels of land to Clackamas construction company Lisac Brothers Construction. The latter is planning two phases of development, the first of which would be a commercial building and a pavilion for a small food cart pod. According to information from PDC, an “affiliated entity” will occupy the commercial building and operate a restaurant and pub.
The second phase will be a multi-unit, market-rate apartment building.
PDC bought the two properties, which sit at the southeast corner of Southeast 93rd Avenue and Woodstock Boulevard in 2000 for $122,000 and $143,000. The agency is selling them to Lisac for $500,000. In April, the properties were appraised at a total of $469,000.
PDC spokesman Shawn Uhlman said the process now shifts to due diligence for the developer.
The project, according to PDC, falls in line with the agency’s five-year plan for the Lents Town Center.
“The proposed housing element of the project would help achieve community desires for a broad spectrum of housing choices within the Lents Town Center including new market rate housing,” PDC staff wrote in a report. “In addition, the project brings new private investment to the Lents Town Center providing new market comparables for other private investment opportunities in Lents … (It will also) provide much needed active uses along Southeast Woodstock Boulevard, and the food cart pod and proposed restaurant are uses identified by the community as highly desirable for the Lents Town Center.”
The proposed development is just one of a handful that PDC has been working to kickstart in recent months.
Original article can be found HERE on the Portland Business Journal Website