It’s official! Uwajimaya has inked a letter of
intent with Sockeye Development, LLC to locate their second Oregon
store in the heart of Old Town at Block 33, bordered by NW 4th, 5th,
Couch and Davis. To be sure, this is a significant milestone which demonstrates
Uwajimaya’s enthusiasm for the project, but there’s still a long way to go; the
sizeable public investment required for the project has to be solidified, a
process which is allowed 6 months per the terms of the LOI.
We checked in with PDC Manager for Downtown
Waterfront Urban Renewal Area, Peter Englander, to find out if he is as thrilled
about this as we are. The affable but
cautious Englander had this to say: “The Letter of Intent between Uwajimaya and
Sockeye Development is a significant step in clarifying the intentions of the
major regional Asian grocer to open a second Portland store in Old
Town/Chinatown. All parties, however, still have far to go to make this
project a reality. We look forward to working with everyone to see if we
can make this truly transformational project happen.”
Douglas Obletz, Manager of Sockeye Development, was a little
more animated. He reports that Sockeye is "very excited to have the Letter
of Intent in hand after many months of working closely with Uwajimaya and PDC. PDC,
in particular, has been instrumental in helping to lay out the 'welcome mat'
for Uwajimaya. We look forward to the next steps in the process, which include
working with PDC on the needed public investment for the project, further
advancement of the project design, securing of additional tenants for the
project, and discussions with potential lenders."
This news, combined with PDC’s recent decision
to stay in their current location at NW 5th & Everett, as well as the
strong likelihood that Beam Development will break ground on the Oregon College
of Oriental Medicine relocation at NW 1st & Couch in September, bodes incredibly
well for this vibrant district.
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