MARCH 2008: AROUND THE STATE
White
Stag renovation lifts Old Town
PORTLAND
Despite its dingy past, Old Town could be entering a new era.
The catalyst: a $37 million, 142,000-square-foot renovation of
the historic White Stag block, which will house University of
Oregon law, architecture and journalism satellite programs
beginning this spring and boost the workday population in the
area by an estimated 700 people.
“This project lit the spark that will start the
process,” said Craig Kelly, vice president of
Portland-based Venerable Group, developer and manager of the
rehabilitated property that combined three buildings originally
built between 1883 and 1907.
For decades Old Town has been plagued with crime, homelessness
and dilapidated buildings — not the most desirable corner
of the city for would-be developers. But Kelly believes the
White Stag project, with its high-profile tenant, will show
other developers that the neighborhood is ready for a
renaissance.
Along with White Stag, Mercy Corps has purchased the Skidmore
Fountain Building and adjoining lot to relocate its global
headquarters. While the Port of Portland — opting to
consolidate its offices near the airport — recently sold
its Old Town office building to Washington Real Estate Holdings
of Seattle, it will continue leasing the building until 2010,
when its new office is expected to be complete.
Washington Real Estate Holdings plans to use the ground floor
as retail space and is currently on the hunt for tenants for
the rest of the
building.
EVAN CAEL
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