The James Beard Public Market Foundation and Melvin Mark Development will launch a capital fundraising campaign after closing later this month on a $10.4 million deal with Multnomah County to buy a four-block plot at the head of the Morrison Bridge in downtown Portland.
In its final presentation to the Multnomah County Board of Commissioners before the deal closes Dec. 21, 2015, project representatives told commissioners Thursday they anticipated a public market would open in five years, with stalls for 80 to 90 vendors.
The project would also include office and retail space, housing and a pedestrian bridge to link the development to Waterfront Park, said Dan Petrusich, president of Melvin Mark Development.
“Having worked on this project for years, I can say we feel like we’ve reached a milestone,” he said “We‘re ready to go to the next step, and we’ve very excited about that.”
Multnomah County purchased four blocks along Naito Parkway in the 1950s, as a staging area for the construction of the Morrison Bridge. After the bridge opened in 1958, the remaining area was used for parking and a fuel station. The parking and fuel station will close this month. More than 50 years later, the county partnered with the Portland Development Commission on a plan for developing the property.
After soliciting bids, the county agreed in 2012 to sell the plot to Melvin Mark Development company and the James Beard Public Market Foundation for construction of a business and housing development that would include a public market on its ground floor, similar to Pikes Place Market in Seattle, “to showcase regional food and products,” said James Beard Foundation Executive Director Fred Granum
Granum said they anticipate a million visitors a year to the market, which would provide a year-round venue for farmers limited by seasonal markets, include space for classes and events, and give school kids a chance to “be exposed to food - real food - and cooking classes.”
The market development is projected to cost an estimated $30 to $50 million, depending on final plans. Private donors, regional foundations and corporations have shown support in the predevelopment phase of the project, Granum said. But the real fundraising will begin once the property deal is final.
“There are some individuals who are fully committed and looking to make formal pledges when we have the design and budget,” he said.
Commissioner Diane Mckeel said she was glad to hear the plan took east Multnomah County into consideration, and Commissioner Jules Bailey said he was happy to hear the project had received widespread support from foundations, government, commercial and private interests .
“It’s going to be a real beacon for our community,” he said.
