Port commissioners have responded to an identified shortage of industrial land in the region by voting to acquire 222 acres in Gresham from LSI Logic Corp. for $26.5 million. Commissioners voted unanimously to approve the purchase on the morning of Wednesday, October 12.
Working with the City of Gresham, the Port will master plan, develop and market the site to its highest potential to attract investment by traded sector companies that sell products and services globally. The LSI property is the only site in the region consisting of more than 100 acres that sits zoned and ready for development.
“Acquisition was a priority for the Port due to its unique size, shovel-ready status and potential to attract strategic investment and significant job creation,” Bill Wyatt, executive director of the Port. “We are optimistic for near-term success and long-term benefits in Gresham.”
The property surrounds the existing ON Semiconductor campus and will have nine lots on 172 developable industrial acres. The balance of the property is a mix of land zoned commercial, mixed use and residential. The site is adjacent to industrial, commercial and residential properties, and is well served by transportation arterials on all four sides.
The Port has a proven track record with established expertise in development and management of industrial and business parks, including Rivergate Industrial District, Swan Island and Troutdale Reynolds Industrial Park. Throughout its history, the Port has owned well over 5,000 acres of industrial property, and most has been sold, leased or developed.
Read more in the Port’s online newsroom.