The City of Hillsboro and Metro jointly owned a premier redevelopment site at 350 East Main in the heart of the historic downtown retail district. The two agencies were looking for an experienced development team to create a transit supportive mixed use project which contributes to the City’s Downtown revitalization efforts. The 48,414-sq.ft. site is located within the Hillsboro Regional Center in close proximity to the Hillsboro Transit Center. The City of Hillsboro in partnership with Metro purchased the mostly-vacant parcel in 1998 while plans for the Westside MAX light rail line began to take shape. The intent was to hold the property until the time – and the market – was right for a project like 4th Main. The project broke ground in 2012 and was completed May 2014.
Work included remediation of three underground storage tanks at the same time the underground parking garage was being built; construction of 71 market rate housing units; 3,850 sq ft retail (half leased to a taproom); and remodeling a former bank building to house a local professional theatre company.
Funding for this project was provided by the Downtown Hillsboro Urban Renewal Area, Metro Transit Oriented Development (TOD) program, Vertical Housing Development Zone, and the State’s Brownfield Loan program. Metro TOD funds of $540,000 were combined with additional City and Metro funding for a total of $2.2 million in public investments
- Urban renewal participation – $948,625
- Private investment – $15,325,000
- The site was remediated concurrent with development using a Business Oregon Brownfield Loan (urban renewal funds will pay back the loan over 10 years).
- TOD easement, land write down and SDC assistance
- Vertical Housing Development Zone – 60% tax abatement for the building for 10 years
- 71 units of much needed downtown housing – approximately 125 new residents
- Creation of 52 permanent jobs
- Construction estimated to create 140 jobs and $25 million in new spending
- Now complete, the property returns to the tax rolls generating more funds that may be invested in other development projects.
- New residents support local restaurants, shops and the arts and culture scene Downtown