The group seeking to lure a baseball team to Portland is expected to announce Thursday that it’s reached a tentative deal to buy land for a stadium, The Oregonian/OregonLive has learned. The leading candidate appears to be the Port of Portland’s Terminal 2, a marine cargo terminal in Northwest Portland.
Representatives for the Portland Diamond Project haven’t disclosed their final site, but only Terminal 2 remains on the table among potential locations identified publicly that were the subject of serious negotiations.
The Port has been in talks with the Portland Diamond Project for months, but both parties have declined to speak publicly about the negotiations under terms of a nondisclosure agreement signed in May.
Still unclear is how the ownership group would pay for a site and its redevelopment. The group has named some investors — including Seattle Seahawks quarterback Russell Wilson and Grammy Award winner Ciara, Wilson’s wife — and it would plan to tap up to $150 million in state-issued bonds that would be paid back with income taxes from team salaries. Retired Nike executive Craig Cheek, former state Sen. Jason Atkinson and former Trail Blazers announcer Mike Barrett are Portland Diamond Project’s managing partners.
But the project will likely need millions more not yet publicly accounted for to complete.
Portland Mayor Ted Wheeler has previously expressed support for the group, saying a panel of experts had told him their plan is “for real,” but said the city wouldn’t provide a subsidy for the stadium or to attract a team. The management partners have said they’re not seeking public money beyond the bonds, which were approved by the Oregon Legislature in 2003 for a previous effort.
The expansive marine terminal is lightly used, but still occasionally handles large pieces of cargo that must be handled individually, like steel rail. It also serves as a base for Army Corps of Engineers river dredges that maintain shipping channels. It spans 50 acres in all.
The site, in the industrial area of Northwest Portland, has freeway access from Interstate 405 and the Fremont Bridge. But its only public transit service is an infrequent TriMet bus line. It sits a mile from the Portland Streetcar’s current alignment, and a mile and a half from the mass-transit MAX line.
In April, the terminal was used as event space for the commissioning of the USS Portland, a naval amphibious vessel named for the city. About 6,000 people attended, many of them parking on site. TriMet provided extra bus service for the day.
The Portland Diamond Project has said it plans for a mixed-use development that could include housing and commercial buildings as well as the stadium. That would be a dramatic change for an area that’s claimed by no neighborhood association and is home mostly to warehouses.
That intensive development would require rezoning the site for use other than industrial.
Other sites considered have included the Portland Public Schools headquarters near the east side of the Broadway Bridge and close to the Rose Quarter.
But the Portland Diamond Project withdrew its $80 million offer for the school district site, saying it would defer to a development plan for the area that seeks to restore a neighborhood demolished for urban renewal and whose backers said a stadium was incompatible with the vision.
The project also bid for a former Northwest Portland steel foundry site, which had a storied history in baseball as the former Vaughn Street Park, onetime home to the Portland Beavers. The foundry’s parent company, however, sold the site to another group of developers.
The project’s representatives had also spoken to the Zidell family, which owns and plans to develop acres of vacant former shipyard land in the South Waterfront, but little came of those talks.
The group hadn’t had any significant talks with the city’s urban renewal agency, Prosper Portland, which owns the 14-acre U.S. Postal Service site in the Pearl District, the agency said.
-- Elliot Njus
enjus@oregonian.com; 503-294-5034; @enjus