PORTLAND, Ore. (KOIN) — The US Post Office on Northwest Hoyt Street in Portland continues to welcome customers, but the operation is a fraction of what it was.
In 2016, the City of Portland bought nearly 14 acres of property between the Pearl District and Old Town in what will be the centerpiece of the Broadway Corridor.
The project will create a new neighborhood connecting Old Town to the Pearl District near the Broadway Bridge. Prosper Portland‘s Executive Director Kimberly Branam said it will eventually be among the most expensive redevelopments in Portland history.
“We can accommodate almost 10% of the growth that we’re anticipating in the central city just on these 14 acres,” Branam told KOIN 6 News. “It’s going to be a really vibrant, mixed use, mixed income, inclusive part of our central city.”
Prosper Portland paid $88 million for the property in 2016, money USPS used to build a massive main processing and distribution facility near the Portland International Airport.
They’re leasing part of the Northwest Hoyt location back to the postal service for retail operations and PO boxes.
“In the long-term, we will be building a new home for the retail function of the USPS,” she said.
The city hopes to attract $1 billion in private investment to 4 million square feet available and create at least 4000 jobs. $100 million in public money will go for infrastructure and public spaces, including extending the North Park Blocks.
Prosper Portland hopes to have a developer in place by summer 2022 after recently parting ways with a previous prospect.
“We’ve had a lot of interest so far,” Branam said.
The build out could take 20 years. In the meantime, you can still mail your packages at the Northwest Hoyt location.