Rand Road Property slated for purchase

CDP is now working with the city on purchase options, community engagement, and design for potential housing complexes. They have also partnered with the Columbia Cascade Housing Corporation (CHCC), which is the development arm of the Mid-Columbia Housing Authority. Their development team includes HOLST architecture, LMC Construction, and Serigo Palleroni, director, for the Center for Public Interest Design at Portland State University.

The project is dependent on funding and the State of Oregon Local Innovation and Fast Track (LIFT) program, which helps leverage federal resources to build affordable housing. CDP and the city will prepare an application and hope to submit in April. Developers expect LIFT to cover majority of the project costs. As the city works to rezone the property from a low-density residential zone (R-1) to a high-density residential zone (R-3), they are moving forward with a Purchase Option Agreement (POA) to transfer ownership to CDP and the CHCC contingent on their obtaining LIFT funding and developing affordable housing. Staff are hoping to bring a draft of the Purchase Option Agreement to the council for first review on Jan. 24. The city and CDP must come to an agreement before a LIFT and other funding applications be submitted. If requests are granted, a development agreement is expected to be prepared in this summer.

Leland Consulting Group — contracted by the city — are facilitating negotiations, and the city’s legal counsel is preparing the Purchase Option Agreement draft. City staff have initiated the zone change application, which will include a Traffic Impact Analysis. CDP will lead the design, engineering, and financial analysis along with submitting application for funding and organizing opportunities for community engagement. In accordance with CDP’s expectations and the Request for Qualifications (RFQ), the city is expected to provide a $500,000 construction excise tax, which may change as the project moves through the development stages

CDP’s proposal includes a total of 129 units: 20 that are affordable at 30% of the Area Median Income (AMI), and 109 which are affordable at 60% of the AMI. Rates range anywhere from $423/mo. for a single bedroom, to $1,173/mo. for a three bedroom apartment. If the approval of funding goes to plan, construction will begin August 2023, with units ready for move-in by year 2025.