By way of comparison, a quarter block at NW 11th & Hoyt recently sold for $3.2 million.
Quote:
Pearl District developer fights discount for taxpayers
One of Portland's most prominent development companies doesn't think taxpayer investments of nearly $44.4 million – including a streetcar line and three parks – did anything to increase the value of its Pearl District land holdings.
That's one of the arguments Hoyt Street Properties made this spring as Portland officials tried to buy land at a discount after decades-old affordable-housing obligations from the company went unmet.
Hoyt Street's theory didn't fly. An independent appraiser concluded it was "not realistic."
As a result, the Portland Housing Bureau in April bought a quarter acre from Hoyt Street at a discounted price of $1.3 million, a routine vote by the City Council masking the high-stakes negotiations playing out behind the scenes.
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...continues
at the Oregonian.