A massive property deal could bring a $1 billion-plus deal for the majority of land in the city.
A real estate developer and real estate broker has teamed up to offer the city the chance to sell the city’s remaining parcels of land, and the proposal has attracted the attention of Mayor Brian Bowman, who has made the land a priority during his tenure.
Bowman said Tuesday that a sale could be coming as soon as next month.
“If they’re willing to do that, I think we’ll have a really strong property value that we’ll be able to build on, which is what we’re trying to do with this deal,” he said.
A deal for nearly 100 acres of the land has been in the works for more than a year, but the city has made a concerted effort to lure the developer to sell, and Bowman has been vocal in his efforts to push for a sale.
The developer has said he will only sell the parcels that remain empty, but Bowman said it’s possible he could sell the entire city’s lands.
“The land is valuable.
It’s a piece of property that’s worth millions of dollars, and I think there’s a great value in it,” he told reporters Tuesday.
“I’m open to the idea of selling it.
It may be a few hundred million dollars, but it’s certainly a big chunk of land.”
But the deal isn’t without controversy.
While the city may be able and willing to sell its remaining parcels, there is a real estate investor who is reportedly interested in buying the land.
The buyer, who the Globe has not been able to verify, has told the mayor that he is willing to pay $100 million to purchase the entire City of Eugene property.
In addition to the $100-million price tag, there are other reasons why the city is interested in selling the land, according to Bowman.
The City of Portland has made public land sales a priority, and there is also an influx of new residents and a growing homeless population.
“There are a lot of things that I think are driving that, and if we can sort of get the real estate market going, I’m confident that we can do that,” he added.
Bowman said the city also has a responsibility to ensure that land values are not artificially inflated.
“I think it’s a very real problem in Portland that we have the highest housing costs in the nation,” he continued.
“So I think it would be a very bad mistake to artificially inflate property values because the real property value has gone down.”
The mayor said he is also committed to finding other ways to help the city deal with the homeless.
“What we have to do is to help people who have been displaced from the neighborhoods and communities and so forth,” he explained.
“And there are a number of things we can try to do to help those folks and not just to pay people off.”
And if we’re able to find some way to do both of those things simultaneously, I would certainly be happy to support that.
“The land sale would also give the city a chance to build the city into a global leader in real estate.
Bowman noted that Eugene is one of the fastest growing markets in the country, and that the city needs to be the leader of the global real estate industry.”
We have a lot more potential than we’ve had in a long time.
The city is still looking for potential buyers for the properties, and any new land deals would need to be approved by the City Council.”
If we can find a viable way to help build the future of our city, we can build it here.”
The city is still looking for potential buyers for the properties, and any new land deals would need to be approved by the City Council.