5225 NE Martin Luther King Jr. Blvd., Portland, OR 97211

Innovative business condominium structure provides wealth-building opportunities on MLK

The Albina Neighborhood of Northeast Portland has long been one of the city's most economically distressed communities. In particular, a corner on Martin Luther King Jr. Boulevard which included the historic Marco Industrial Building had been identified by the Albina Community Plan as a key node for the area's economic revitalization. Substantial efforts to redevelop this vacant property over a decade had been unsuccessful.

Key to the financing goals of this project was utilizing New Markets Tax Credits to enable a unique business condominium structure. The use of the tax credits directly benefits the business owners by allowing them to purchase their spaces with affordable loans.

The 40,000 SF, 17-unit Vanport Square mixed-use development includes office, retail and restaurant space targeted specifically for the relocation and expansion of locally-owned small businesses. The development offers a diverse mix of services to the Albina Neighborhood.

Development Type: Mixed-use office and retail business condos

Project Timeline: Completed Winter 2007

Project Partners: Portland New Markets Fund I, LLC; Vanport Partners, LLC; Portland Development Commission; Wells Fargo Bank Community Development Corporation

Total Project Cost: $8.7 million

NMTC Allocation: $8.9 million

Total Economic Impact: $97.3 million

Jobs: 232

LEED Level: Gold, Core & Shell

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