Sold! Sort of.

This story cracks me up: The Portland "urban renewal" types are telling the world that they've sold Centennial Mills, the historic but derelict property down along the Willamette below the Broadway Bridge in the Pearl District. But when you read the news about the transaction, the so-called buyers have so many out's that it sounds a lot more like their buying an option.

Under terms negotiated by Prosper Portland, the developers will have 180 days to inspect the site after signing the agreement and could pay $100,000 to extend the inspection period by six months. After the inspection period, the developer will have another 180 days to close on the property and could pay $200,000 to extend the closing period for another six months.

Doesn't sound much like a done deal. 

Even if it closes, nothing's going to go in there for many years, that's for sure. And any sale will definitely be at a loss for the taxpayers. The property's worth more than what the bureaucrats originally paid for it, but it's been a money pit for many years just to keep it from falling down or being destroyed by the homeless squatters down that way.

And God knows what's in the soil.

Bye bye, Centennial Mills. People tried to save you, but you don't pencil out. You'll be replaced by some tacky "luxury" apartments some day. But when? It is anybody's guess.


  1. A premonition of the future of the Convention Center Hotel?

    Go by streetcar!


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