City Redevelopment Agency Purchasing Northeast Properties

PORTLAND-The Portland Development Commission, the city’s development arm, is in the final stages of negotiations for assembling properties for its redevelopment efforts along Martin Luther Kind Boulevard in Northeast Portland. The PDC has reached tentative agreements for the purchase of three parcels between Alberta and Killingsworth streets for $1.74 million.

Two of the properties – the vacant Walnut Park Theater at 5029 N.E. King Blvd. And an adjacent, undeveloped lot – the PDC has agreed to pick up for $385,000. The third property, the Marco Machineworks site at 5225 N.E. King Blvd., is being acquired for $1.357 million. The plan is to resell the properties to developers who will build mixed-use developments on the properties before 2006.