A Seattle apartment developer said Tuesday it had bought the Pacific Northwest College of Art main campus building in Portland’s Pearl District with a plan to redevelop the site.
Buyer Security Properties paid $11.75 million for the property.
The private art school last year announced it would move into a former post office and federal office building at 511 N.W. Broadway, renamed the
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A Seattle apartment developer said Tuesday it had bought the Pacific Northwest College of Art main campus building in Portland’s Pearl District with a plan to redevelop the site.
Buyer Security Properties paid $11.75 million for the property.
The private art school last year announced it would move into a former post office and federal office building at 511 N.W. Broadway, renamed the Arlene and Harold Schnitzer Center for Art and Design, after a $30 million makeover.
Security Properties said the college will stay as a tenant in its current main campus building, located at 1241 N.W. Johnson St., for another 16-24 months while Schnitzer Center renovation is underway.
Security Properties — also the owner of the Honeyman Hardware Lofts in the Pearl District — said it hadn’t yet started the design process for the eventual redevelopment, but that the site allows a building up to 120 feet high with 280,000 square feet of floor space.
The company has also proposed a major apartment and retail development in Portland’s Boise neighborhood and plans to submit a design review application to the city “in the next few weeks.”
Dan Bozich of Urban Works Real Estate represented Security Properties in the transaction, and Nathan Sasaki of Apex Real Estate Partners represented PNCA.