$85M Bayside project in Portland hits new snag
The developer behind the $85 million “midtown” project in Portland has threatened to sue the city after city officials said it required approval once again.
The Portland Press Herald reported that Miami-based Federated Cos. was recently informed that the project in Portland’s Bayside neighborhood will require city council approval again because its contract to buy city-owned land where it plans to build has expired.
The newspaper noted that the city took a look at the contract again after Federated told the city that it is now planning to reduce its number of proposed apartments from 440 to 260 to make room for hotels in two of the four proposed buildings. The new plan was not part of any formal application.
Federated claims that the latest move shows that city officials are retaliating against the developer for making changes to the project. The developer said a lawsuit may be necessary to protect its $2 million investment in the project so far.
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