Wednesday, December 10, 2014

New Development on Tap for Zidell Land

by Lee Fehrenbacher, HFO-Research Analyst

The PDC is preparing to enter into a development agreement with ZRZ (Zidell Marine Corporation) to help finance the development of 1.5 million square feet of mixed-use commercial space on the Zidell’s 30-acre South Waterfront property. This is the second major phase of development down there since ZRZ completed the 118-unit The Emery building last year. According to the report, the PDC would commit $27.4 million in TIF dollars to help jump start the projects.

Private Development includes:
• Phase 1: ZRZ intends to develop at least 440,000 SF of space anticipated to include mixed-use,
employment-oriented projects (OHSU), and build off of their Emery housing project.
• Phase 2: ZRZ intends to develop at least 1,000,000 SF of space anticipated to include commercial
and residential uses that contribute to South Waterfront employment and housing goals.
• Phase 3: ZRZ has completed a plan for development of additional SF on properties south of the 
Ross Island Bridge; this development is anticipated to occur after the last date to issue debt in the North Macadam URA.