Portland State University PDXScholar Real Estate Development Workshop Projects Center for Real Estate Summer 2015 The Morrison Mercantile: BOMA Real Estate Development Workshop Khalid Alballaa Portland State University Kevin Clark Portland State University Barbara Fryer Portland State University Carly Harrison Portland State University A. Synkai Harrison Portland State University See next page for additional authors Follow this and additional works at: https://pdxscholar.library.pdx.edu/realestate_workshop Part of the Real Estate Commons, and the Urban Studies and Planning Commons Let us know how access to this document benefits ou.y Recommended Citation Alballaa, Khalid; Clark, Kevin; Fryer, Barbara; Harrison, Carly; Harrison, A. Synkai; Hutchinson, Liz; Kueny, Scott; Pattison, Erik; Raynor, Nate; Terry, Clancy; and Thomas, Joel, "The Morrison Mercantile: BOMA Real Estate Development Workshop" (2015). Real Estate Development Workshop Projects. 16. https://pdxscholar.library.pdx.edu/realestate_workshop/16 This Report is brought to you for free and open access. It has been accepted for inclusion in Real Estate Development Workshop Projects by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. Authors Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, and Joel Thomas This report is available at PDXScholar: https://pdxscholar.library.pdx.edu/realestate_workshop/16 Center for Real Estate Contents Executive Summary ..................................................................................................................................................................................................................... 7 History ........................................................................................................................................................................................................................................... 9 Pelett Family History ................................................................................................................................................................................................. 9 Pelett Property History ............................................................................................................................................................................................ 10 PUL (830 SE 3rd Avenue) ................................................................................................................................................................................................... 11 Main Store (823-839 SE 3rd Ave) ...................................................................................................................................................................................... 12 Studebaker Building (130 SE Morrison St.) ..................................................................................................................................................................... 13 Corno’s (Gravel) Lot (711 SE 3rd Ave) .............................................................................................................................................................................. 14 Alder Building & Lot (100 SE Alder St.) ............................................................................................................................................................................ 15 Royal Hotel (301 SE Morrison St) ..................................................................................................................................................................................... 16 Salmon Buildings West (109 SE Salmon St.) and East (133 SE Salmon St.) ................................................................................................................ 17 Central Eastside History ......................................................................................................................................................................................... 18 Neighborhood Context ............................................................................................................................................................................................................... 20 Site Analysis ............................................................................................................................................................................................................................... 21 Existing Conditions .................................................................................................................................................................................................. 21 Central Eastside Plan ............................................................................................................................................................................................. 22 Related Plans .......................................................................................................................................................................................................... 22 Pertinent Plan Changes .......................................................................................................................................................................................... 23 Employment Opportunity Sub-area ................................................................................................................................................................................... 23 Central Employment Zone Change ................................................................................................................................................................................... 23 Page 2 BOMA•PSU Real Estate Development Workshop • Summer 2015 Parking Reform .................................................................................................................................................................................................................. 24 Bikeways and Paths ........................................................................................................................................................................................................... 24 Viaduct Streetscape Improvements ................................................................................................................................................................................. 24 Zoning ...................................................................................................................................................................................................................... 25 Parking ..................................................................................................................................................................................................................... 25 Urban Renewal Area ............................................................................................................................................................................................... 28 Transportation and Access ..................................................................................................................................................................................... 29 Market Analysis .......................................................................................................................................................................................................................... 30 Portland and the National Economy ...................................................................................................................................................................... 30 National Trends and Forecast Review ................................................................................................................................................................... 33 Portland Employment ............................................................................................................................................................................................. 34 Site Context ............................................................................................................................................................................................................. 36 The Impact of OHSU ........................................................................................................................................................................................................... 36 The Innovation Quadrant ................................................................................................................................................................................................... 37 Small Business and the Central Eastside ........................................................................................................................................................................ 38 On the Horizon ........................................................................................................................................................................................................ 39 Local Market Analysis ............................................................................................................................................................................................