Portland is the most influential city in the state of Oregon. Whilst the city of Salem hosts the state Capitol, Portland is significantly more populous and attracts international workers to the city’s largest companies. Portland is the strategic headquarters of Intel, Nike, IBM, Columbia Sportswear and many more household names. People from all over Oregon, the wider US and even globally, are drawn to Portland for its positive energy, innovative business opportunities, verdancy and its cultural atmosphere.
The site on which Portland was founded has a rich history. Enabled by the Willamette River, the Native Americans settled there for its wealth of natural resources and temperate climate, making this site important for the exchange of culture, ideas and civilization for millennia. The vision of the Portland Central City 2035 plan is to honour these histories and traditions by curating the city’s landscape to enable more connectivity between people and celebration of the city’s spaces.
The Central City Plan 2035 (CC2035) has been designed to replace the city’s outdated 1988 city plan that has come to fruition in attracting the first wave of Portland’s attractiveness. The idea behind proposing this fundamental development is to capitalise on Portland’s success with a vision of innovation and cutting-edge modernity. The plan’s goals, policies and processes have been collaboratively designed to enhance the city’s public spaces, reaffirm the city’s identity and to cement its place within the US geopolitical landscape. The ultimate aim is for Portland locals to take pride in their city and for that pride to be reciprocated with more investment, increased house prices and more trade.
A large part of the project will be focused on the city’s waterfront features and how the Willamette River can be developed ecologically and economically to better benefit the residents of Portland. Utilising the 1987 Willamette Greenway Plan and the 2007 River Renaissance initiative, the vision for the river will be closely allied with habitat and bioecology experts whilst also delivering a sustainable space for both wildlife and city-dwellers.
The concept for a renewed citywide urban development plan was first proposed in 2010. Over the following 5 years, the collaboration between multiple arms of the council, dedicated urban design initiatives, the governance of an appointed committee and the involvement of public bodies culminated in the Central Reach Urban Design Concept in 2014. Further area-specific plans were drawn up at the same time to ensure the plan was targeted and ultimately effective.
As of 2020, the Central Plan has encountered minor legal disputes over its impact on certain affronted parties. Ultimately a full-scale infrastructure project such as this will benefit Portland in the long term but must reconcile with disillusioned parties in the sort term. Portland’s bright business market, long-term commitment from huge corporate entities such as Nike and Amazon, easy-going lifestyle and great real estate investment opportunities make it ripe for development. The approach taken is considered with a long term vision in mind and it will likely be between 2035 and 2040 before the full financial yields are returned. However, for many, this is worth the commitment. Portland has a bright future and a hardworking, innovative population looking to establish Portland as one of America’s most important creative and technological cities.
Check out more about Portland on our Resources Page to see if it is the right city for you and your family. Contact Propeterra today to find out how our real estate advisors can help you realise the maximum potential of your next real estate investment.