By Carol McCracken (Post # 2,575)
The twists and turns in the saga of the MIDTOWN project and the City of Portland have just taken another turn and there’s lots of chatter to go along with it. However, it’s clear that no sale has taken place between the two parties. Following is an email statement received from Jonathan Cox, president of the Miami-based Federated Cos:
“In an effort to balance our portfolio, we are constantly evaluating strategic options Regarding the MIDTOWN property, we are contemplating different business structures for the RESIDENTIAL component of the project. These options may include a sale or joint-venture and the contemplated co-development structure is very common in a project of this size. This process remains exploratory and consideration of this alternative structure is limited only to the residential component of the project and does not include the retail space or the public parking facility. The company remains committed to the project and is excited to see construction get underway.”
It is not known at this time whether the purchase of the property by Federated is incumbent upon Federated locating a buyer for the residential (only) component or a co-developer for the same.
The City had announced a public meeting to be held in February to explain how the construction of MIDTOWN would affect the nearby community. This public meeting is now expected to be held in March 2016.
MIDTOWN survived a legal challenge from KeepPortlandLivable, although in a diminished form. Sandra Guay, Esq. was the attorney for the non-profit. (See photo of the group’s co-founder above right.)