Agreement near on Congress Square Plaza sale
Portland has reached a tentative agreement to sell two-thirds of Congress Square Plaza to the company renovating the former Eastland Park Hotel, according to Greg Mitchell, the city's director of economic development.
The Forecaster reported that Ohio-based RockBridge Capital LLC would pay more than $523,600 for about 9,500 square feet of the public space at the corner of Congress and High streets, according to a memo Mitchell released Friday. The purchase price is based on a market appraisal of $55.12 per square foot.
If the sale is completed, the paper reported, about 4,800 square feet of the plaza would remain as public space. The remainder would be purchased by Rockbridge and co-developer New Castle Hotels & Resorts to build a meeting and events center adjacent to the historic hotel, which is undergoing $50 million in renovations and is slated to reopen in December as the Westin Portland Harborview Hotel.
The City Council’s Housing and Community Development Committee voted 3-1 in May to negotiate the sale of the property. The hotel owners’ plan to purchase a portion of Congress Square Plaza has drawn public protesters to the square in recent weeks.
The committee will consider the draft agreement at a meeting on Wednesday. The City Council has the final say on the sale of the property.
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