The Portland Development Commission is expected to approve a deal to renovate the Grove Hotel in Old Town into a hostel for young creative types.
The deal will lock in more than $3 million in taxpayer losses and require nearly that much more in loans. But officials with the urban renewal agency say it's the only way to forge ahead with a plan for private developers to renovate the old Grove Hotel into a youth hostel, giving the gritty area an anchor and attracting young people who someday could fill local tech jobs.
A development team that includes Howard and Linda Davis and David and Katherine Gold originally proposed a $4.2 million overhaul. But according to PDC documents, the project stalled after construction estimates "significantly exceeded" that.
Read more at OregonLive.com.