The Bend-based brewery was acquired by Anheuser-Busch InBev, the makers of Budweiser.
The plan calls for a 1,030-apartment mixed-use development comprised of four towers ranging in height from 10 to 32 stories.
The opposition campaign to Measure 92 has raised over $20 million in fundraising; supporters have raised just over $8 million.
Developer Jordan Schnitzer's $115.7 million project would require $38.5 million in public subsidies.
Commercial customers of Avista Utilities will experience a 9.4% increase, industrial customers will see a 13.4% increase.