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The Port of Portland approved a land lease agreement for PDX West Logistics LLC, an entity created by Capstone Partners, with the aim of transforming a site that has been vacant for years into a logistics and distribution center. The project involves an investment of USD 130 million and the creation of over 500 permanent jobs.
The future 88.2 square meter facility addresses the regional shortage of large, development-ready spaces, while also generating USD 4.4 million in annual state and local taxes.
"We are focused on attracting projects that ensure a strong future for PDX and deliver real economic benefits to the region. This logistics and distribution center will give businesses the large, development-ready space they need to grow and prosper, in addition to creating hundreds of well-paying local jobs for working families," said Dan Pippenger, Director of Aviation for the Port of Portland.
The project also includes transportation and safety benefits for the community, including a new traffic signal at Northeast 33rd Ave and Marine Drive, within a high-accident corridor.
In addition to the projected 500 permanent jobs that will be created with the new PDX West Logistics Center, more than 500 construction workers will be needed to carry out the initiative. Construction spending is expected to contribute over USD 8 million in state and local taxes during the nearly three years of execution. The inauguration of the facility is scheduled for the summer - in the northern hemisphere - of 2027.
Source: portalportuario
