$70M investment to reshape historic Albina
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The area around the former Louis Dreyfus Co. grain terminal near Moda Center will look a lot different in the coming years. Photo: Courtesy of 1803 Fund
The 1803 Fund, which works to restore opportunity in Portland's historically Black neighborhoods, announced $70 million in new real estate investments Thursday, including the former grain silos along the east bank of the Willamette River.
Why it matters: The purchases mark the fund's most significant efforts yet to restore Portland's lower Albina neighborhood, which was once the heart of the city's Black community and commerce, after generations of displacement.
- "We are investing in Albina not as an artifact of the past, but as a promise to the future," Rukaiyah Adams, CEO of the 1803 Fund, said in a statement.
- "Our goal is to build something enduring, grounded in the people who have always called this neighborhood home."
State of play: The group purchased a total of 7 acres, which includes the former Louis Dreyfus Co. grain terminal near Moda Center and other parcels in North and Northeast Portland.
- The group plans to develop a mixed-use neighborhood in a plot south of the Fremont Bridge and west of Interstate 5 — an area once known as the Low End.
- It also aims to reimagine the land along the Willamette as a hub for Black educational and economic opportunities, as well as a connection to downtown.
- "They'll see their city from the east side of the river and realize they've always been — and always will be — part of its story," Adams said in a news release.
Follow the money: Early redevelopment is expected to generate hundreds of jobs and nearly $700 million in economic activity, according to the 1803 Fund.
Catch up quick: Nike co-founder Phil Knight and his wife Penny Knight kickstarted the fund in 2023 with a $400 million investment commitment.
- Earlier this year, the 1803 Fund said it would invest $25 million in Portland-based nonprofits Self Enhancement Inc. and Albina Head Start, which focus on Black youth, over the next decade.
- It gave $8 million in grants to 11 Albina-based organizations last year.
Zoom out: The city has stepped up efforts over the last few years to repair decades of displacement in Albina in the name of urban renewal.
- For example, just this year the City Council quadrupled a settlement payout to Black Portlanders whose families were displaced and is backing a $120 million community-led effort to build a business and affordable housing hub at a formerly condemned site near Legacy Emanuel Medical Center.
What's next: The 1803 Fund will reveal renderings of the real estate projects next month.