Terminal 1 Property to Sold to Oregon Firm for $12.5 Million

PORTLAND, OR - The Bureau of Environmental Services has agreed to sell a 14-acre property along the Portland waterfront for $12.5 million, it was announced Friday.

Oregon-based Lithia Motors bid for the Terminal 1 property, located on Northwest Front Avenue, was $1.375 million higher than any of the other bids, BES said.

"I am pleased that Terminal 1 will be home to an Oregon-based company," Commissioner Nick Fish said. "This sale aligns with our commitment to maintaining Terminal 1 as prime industrial land and to the city's economic development strategy for the next 20 years."

Lithia Motors now has 120 days to conduct its due diligence on the property followed by a 30-day closing period before the sale can be finalized.

"We are gratified that the proposal came in at a level that provides exceptional value to Portlanders," BES Director Mike Jordan said.

Terminal 1 property has a large paved lot with a 96,000-square-foot warehouse and a 3.6-acre dock.

In November, the city abandoned a plan to turn the Terminal 1 site into a homeless shelter.

BES purchased the riverfront property in 2004 as part of a sewer overflow project using it as a staging area for the billion-dollar construction project designed to divert stormwater runoff from the Willamette and Columbia rivers.

- Photo via City of Portland