PORTLAND, OR (KPTV) - The Portland Diamond Project has retracted their offer to buy Portland Public School's Blanchard Education Services Center.
The group originally offered to buy the property for $80 million, while also helping the school district relocate to a new facility.
"Although we were initially drawn to this property for its close-in location, access to transportation and its potential to be transformative to the east bank of the Willamette, it became apparent to us that the Albina Vision Trust's board of directors has a long-range plan for the building and the immediate area that will serve the overall community in a very meaningful way," PDP founder and CEO Craig Cheek said. "Albina Vision's focus on diversity and social equity is aligned with our mission, and we are putting our full support behind it."
Albina Vision, a private non-profit, hopes to turn the area into a diverse neighborhood with affordable housing. Decades ago, urban renewal destroyed much of the Albina neighborhood, which was once a lively African-American community.
Portland Public Schools released a statement Wednesday about the Portland Diamond Project's "unsolicited offer" to purchase the district's headquarters building.
It said, in part, there is a need to "evaluate and understand the site as a real estate asset" before administrators can accept or reject any offers.
"Our core mission remains focused on providing all of our students in Portland Public Schools with an excellent educational experience. Our centrally located headquarters is a highly attractive site for potential future development, and we will continue to evaluate any future opportunities that support our school system's goals and better serves our community," according to a statement from Superintendent Guadalupe Guerrero.
PDP also put an offer on ESCO's Northwest Portland headquarters in April 2018. The property was subsequently sold to a group of private real estate investors.
PDP said they will make an announcement about optioning properties for a ballpark within Portland's city limits in a few weeks.
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