Compass Commercial: News and Articles

A Roll Up of February and March News Highlights

The first quarter of 2007 is already closed. Here's a quick topline on some of the news that interested commercial realtors, developers, and investors over the last two months in Central Oregon.

2.2        Redmond reports 25 industrial buildings totaling 529,000 SF were under construction or built in 2006 for a total cost of $29.1 million. Six new industrial parks on 144 acres east of the city were planned in 2006 that will add 73 new lots to the city’s industrial inventory in 2007.

 

2.7        Wal-Mart confirmed that the current Redmond store on the south side had been sold. Buyer is not public and the deal is not totally final although an agreement has been reached. Building is 109,043 SF on nearly 13 acres and was listed at $7.6 million

 

2.14      The preliminary Redmond redevelopment plan for downtown included 2 above-ground parking garages, now options for a relocated City Hall, a ‘festival street” and a park . Final version of plan to be brought by March end.

 

2.16      Sunriver Resort purchased about 600 acres adjacent to its current Caldera Springs project in hopes the County will rezone, allowing it to build a new destination resort. Price was $7.25 million.

 

2.16      Bend’s Fred Meyer will get a $12 million makeover and new gas station. Remodeling on the 165,546 SF store includes a drive thru pharmacy window.

 

2.25      Nearly 3,000 new overnight accommodation units are slated to be built in the next few years at the five resorts planned for Deschutes and Crook counties. County commissioners are under fire from developers who are challenged by overnight lodging requirements that resorts must build one rental unit for every 2 single family homes. Current resort roll call for new regional additions is: Eagle Crest, Thornburgh, Tetherow, Caldera Springs, Pronghorn, Brasada Ranch, Hidden Canyon, Remington Ranch. Acreage runs from 400 (Caldera) to 3,243 (Hidden Canyon).

 

2.27      Allegiant will expand its Las Vegas service in response to the reception in the Central Oregon market for the yet-to-take off low fare, non stop service. On May 8th the carrier will add one more flight on Tuesdays to and from Vegas. Flights are on the identical schedule as Thursday and Sunday service. This decision will force modifications in the upcoming terminal expansion as there will now be a 4th carrier office spot in the new floorplans (Horizon, SkyWest, and a spot a new future carrier were the only 3 in plans).

 

2.28      Trader Joe’s representatives confirmed that it will construct a 13,000 SF building located at the south end of the Cascade Village Shopping Center. No dates for the construction have been released.

 

2.28      A Portland developer announced plans to build an upscale, nearly 300 unit hotel and condo resort in Prineville’s west side near Meadow Lakes Golf Course to be named Rivergate. Plot is 15 acres located across the street from the Crook Cty Fairgrounds, bordering 900 feet of the Crooked River. Application has been submitted to the planning commission with hearing in March. Development will include fractional and full ownership units, also a media center, spa, and meeting rooms. Developer hopes to break ground in Summer 2007.

 

2.28      Prineville is building a new $350,000 airport terminal. Plans also call for 40 new hangars at $1.3 million, along with a 2009 runway expansion.

 

3.15      Brickhouse LLC, (a group of mostly local investors), has tentatively agreed to pay $658,000 for about 2/3 of the land on “the hump” in downtown Madras. Plans call for a 21,000 SF, 3 story office building and restaurant, also space for future retail. Price is about $16/foot.

 

3.17      COCC board voted unanimously to accept a $1.85 million offer on 5 acres of bare land located off Rimrock. Offer came from NLH LLC, owners not divulged. Proceeds are to go towards a new Campus Center.

 

3.16      Cascade Lakes brewery is setting up a new pub and eatery, Red Dog Depot, in the city-owned Redmond Train Depot. City negotiated 5 year lease, with 2 4-year options. Lease rates begin at $3,960/mo. and will escalate 2% annually.

 

3.17      Redmond consultants and urban planners unveiled master plans for two large chunks of land that will soon be part of the city of Remond. One land section, known as the Northwest Area Plan, is 490 acres and calls for restaurants and shops around the planned traffic circle, high density housing, and trail network to Dry Canyon Building will wait on sewer lines among other infrastructure requirements. Plans for the smaller area, the 160 acres called the Highway Area Plan, consist of medium to high density housing for the 75 acres under first consideration.

 

3.18      A Portland-based development group has filed plans with the city of Bend to build 432 condominiums on the site that was formerly the 85 unit Sun County Mobile Home Park. The condos will take the form of 72, 6-unit buildings. The project, on Brosterhous Rd. just east of Reed Market and the canal, is expected to boost traffic volumes at Reed Market and 3rd St. by over 2%. Talks continue about infrastructure concerns and improvements.

 

3.21      Lowes Home Improvement Warehouse filed a site and design review app. in Redmond. Site is 11.65 acres on SE corner of Veterans Way and Kalama Ave. Warehouse to be 119,327 SF, Garden Center to be 27,265 SF. This is the first contracted purchase in the Old Fair District  where there are 3 C2 parcels ranging from 1.2 acres to Lowes’ 11.65. There remains a 1.6 acre tract zoned for high density housing.

 

3.22      Formal process of changing zoning on the first 20 acres of light industrial land in the 15,000-acre mixed use Juniper Ridge was put on hold to allow more time for public comment. Efforts to site the new Les Schwab headquarters were questioned by concerns on Hwy 97’s east side (Wal-Mart and the Home Depot development), opposed to the necessary rezoning based on traffic issues yet to be resolved at the Cooley Rd/Hwy 97 interchange. The comment period may extend the zone finalizing until late May. City lawyers say that a traffic fix should not hold up the Schwab zoning change as it would be only a small contributor to traffic at the Cooley intersection.