Airport Way
Cascade Station:

History

Cascade Station is a 120-acre site that is owned by the Port of Portland and is located at the southwest corner of the intersection of I-205 and Airport Way, in the Airport Way Urban Renewal Area.

Development rights to the site were transferred to the Cascade Station Development Company (“CSDC”) in 1999 as part of a complex real estate transaction which included the extension of the Airport Max Light-Rail line from the then terminus at the Gateway Transit Center to the airport. The proposed development was named Cascade Station and the  original development plans included:

• 1,325,000 sf of office
• 400,000 sf of retail (with no retail use occupying more than 60,000 sf)
• 1,200 hotel rooms
• One gas station, with up to twelve pumps
• A 24 screen movie theater

Unfortunately, following the execution of the agreement in 1999, development stalled due to the events of September 11, 2001 and because the site’s zoning precluded any retail larger than 60,000 sf in size. This effectively precluded any anchor retail stores from locating there, and the small stores would not sign on.

On February 17, 2005, the 1999 Plan District regulating the property was amended with the intention of reviving development interest at Cascade Station.  Development rights for the property were modified to allow, among other uses, up to three larger-format retailers.  These anchor tenants were expected to provide the necessary customer draw that would spur the rest of the smaller retail to move forward, as well as the office and hotel uses. 

The amended development rights put in place were:

• 1,115,000 sf of office
• 807,500 sf of retail (including up to three retailers in excess of 90,000 sf)
• 250 hotel rooms
• One gas station, with up to twelve pumps

On July 13, 2006, the transactions closed and PDC took control of 36 acres of the 120-acre site in lieu of the receipt of funds owed to PDC by the developer. The construction of the IKEA store and the entire retail center commenced in August 2006. IKEA opened in July 2007 and was followed by the rest of the shopping center soon thereafter. In addition to the retail developments, three hotels were completed as well as two new office buildings.

In 2007, PDC retained the Grubb & Ellis Company as its broker for the 36 acres and began marketing its property for sale and development.

PDC’s primary interest in Cascade Station is to facilitate projects that create an improved tax base for the urban renewal district and create and retain quality jobs. PDC’s 36 acres are zoned for office uses (or, under certain circumstances,  hotels), and the first major project involved the sale and development of a portion of PDC’s holdings for the new headquarters for the Federal Bureau of Investigation (FBI). That $60 million project was approved in 2009 and construction commenced in October 2010. When completed, it will house more than 200 workers in a modern, new 130,000 sf facility with a 200-car parking garage. 

At full build-out, it is estimated that Cascade Station will be home to approximately 7,600 new jobs and will be contributing more than $2.4 million annually in taxes to the City of Portland.

Map of Cascade Station Master Plan with PDC controlled parcels in yellow.

Significant Milestones at Cascade Station

In October 2005, IKEA jump-started development at Cascade Station by announcing  plans to locate its Portland store there. IKEA, a leading international home furnishings retailer, built a 280,000 square feet store, which opened on July 25, 2007. The IKEA Portland store at Cascade Station became a catalyst to further retail, restaurant, hotel, and office development.

Adjacent to IKEA is the Retail Center which was developed and is owned by CenterCal Properties, LLC. The Center consists of 41 retailers and restaurants. To inquire about leasing space at the Retail Center, please click on the following: CenterCal Properties, LLC.

The three hotels at Cascade Station include the Aloft Hotel, a Starwood brand; a Hyatt Place; and a Residence Inn. Finally, two office buildings, and a mixed-use building of office and retail have been developed, all of which are located on the south side of Cascades Parkway near the Cascade Station entrance on NE Mount Hood Avenue. To inquire about leasing space at these buildings, please click on the following: Trammell Crow Company. For inquires on the mixed-use building leasing, please click on the following: CenterCal Properties, LLC.

The FBI Headquarters project is being developed by The Molasky Group, based in  Las Vegas, Nevada. For information about this project, please contact Chuck Moody of Molasky.

In addition to the completed and in-construction sites, Cascade Station has four (4) remaining  parcels of land to be developed, all of which  are PDC-controlled. The parcels range in size from approximately five acres to approximately 9.2 acres . Grubb and Ellis represents the Portland Development Commission in marketing these remaining four parcels.  (  For more information on the parcels available, contact Grubb & Ellis Associate Dave Squire, by phone at (503) 972-5505, or e-mail at Dave.Squire@Grubb-Ellis.com, or Irfan Tahir, by phone at (503) 972-5509, or e-mail at Irfan.Tahir@Grubb-Ellis.com;  or visit the Grubb & Ellis website for Cascade Station by clicking on the following: Grubb and Ellis link for Cascade Station.

 

---

for PDC's News & Information E-mail Lists
View the e-mail archive | Unsubscribe from our e-mail Lists
Find us on: