Most people in the Portland area are incredulous about this. They shouldn’t be.
What they see is a site across from a mall on a four-lane freeway where the mall already overloads the traffic. There’s not sufficient transit there, the crowding can be more than a bit much, there’s not exactly straight routes to the site from points east, and the local terrain and price of land prevents improvements to traffic and transit from those points east.
(By the way, not necessarily disclaimers… I live 2.5 miles from the site, traffic isn’t great along that way anyway, and I pretty much learned golf at Progress Downs, now known as RedTail.)
Meanwhile, I would tell the incredulous the following:
I think it’s virtually assured that the city of Portland will counteroffer for AT LEAST $100 million for the site. Some of the incredulous already noted that $7 per square foot (for the $50 million offer) was really damn cheap.
The city didn’t exactly provoke a public examination of how to improve transit and driving options when PDP originally proposed the Terminal 2 site. Which is to say that, while the city says they support the PDP effort, they’re not exactly helping.
PDP gave up on a much more centrally located site at the failing Lloyd Center mall. They’re probably right to assert that dealing with more than 30 landowners caused more problems than they could solve. But I suspect they’re not funded well enough to make Lloyd Center work, and that means they aren’t going to be able to handle franchise inflation should that occur. That’s probably one reason the city of Portland kept them at arm’s length in the first place.
I don’t think Washington County or Beaverton or Tigard or the state of Oregon really wants to deal with this. Highway 217 has been under “realignment” adding auxiliary lanes to both sides of the freeway for the last two years, and the project will take almost two more years. An actual widening requires buying more property. So does a transit reroute.
But let’s say that PDP actually does buy the land. It is too close to 217, and the city of Portland isn’t making money from golf operation, and that’s not including the property tax they’re now paying because the city of Portland owns this land, but Beaverton annexed it. So I don’t think the golf course is long for the world regardless. What you can put in there will eventually divert revenue from the mall. Even though Washington Square is one of the top performing malls in the USA, it isn’t what it was. I can see a future where the mall is repurposed and the major access to the RedTail property goes through the mall site rather than Scholls Ferry Road.
So I don’t give 50-50 odds of this happening. If some of it does happen, it’ll be somewhat self-mitigating. Except I don’t think PDP is actually mindful of the rational solution.