24 May Multnomah to go ahead on Wapato sale
The Portland Tribune reports that the county has issued a “memorandum of understanding” to sell the Wapato jail site in North Portland. The price: $10 million. the buyer: Pacific Development Partners LLC, a California development company.
The company had submitted an all-cash bid for the site on March 14th. the Tribune reports that the company will spend 90 days researching the site before submitting a final deal to Multnomah’s Board of Commissioners.
The company counts several neighborhood shopping centers,, multifamily projects and single tenant buildings in its portfolio.
While the count built the jail in 2003 for $58 million, limited revenue kept if from ever being used. there was briefly talk last fall of opening the facility for use as a homeless shelter, but that idea didn’t take hold.