Zidells, city shelve South Waterfront development

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PORTLAND, Ore. (PORTLAND TRIBUNE) — There’ll be no barge-themed towers near OHSU, for a few more years.

ZRZ Realty and Prosper Portland have axed their development agreement for the Zidell family’s 33 acres of South Waterfront.

In a joint press release released Friday June 22, both sides said they are “mutually terminating the development agreement for Zidell Yards, which will not move forward with development plans.”

The Zidells got out of the barge building business earlier this year and went all-in with real estate, planning to build 2,200 residences, 200 hotel rooms and 1.5 million square feet of office space, including a 19-story tower called one Gantry Plaza at Southwest Moody and Grover. They also talked up their plans for 10 acres of public parks including the area under the Ross Island Bridge.

In the 2015 development agreement Prosper Portland was supposed to invest $23.7 million for infrastructure and economic development.

“While the termination of the agreement is significant, it does not signal the end of development work in South Waterfront,” said Mayor Ted Wheeler.

Jay Zidell, ZRZ Realty’s president and no fan of bureaucracy, said in the media release, “Unfortunately, given the costs of developing on the site and the city’s priorities on how it intends to use urban renewal funds, we are not currently able to move forward on this development.”

The Portland Tribune is a KOIN media partner.

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