Local developer Mark New has completed the purchase of the Food Front Cooperative Grocery property at 2375 NW Thurman St. for about $1.5 million.
New and his company, Development Company of the West, Property Services, will begin remodeling the structure as soon as building permits can be obtained from the city. He intends to divide the building into two retail spaces, one of which he hopes would become a grocery or food service business.
Due to his experience with delays in the Portland Permit Center, New says he is hesitant to estimate when construction might begin.
The transaction retires the co-op’s $1 million loan, allows its remaining vendors to be paid off and will provide a surplus to disperse.
Food Front spokesperson Sue Harrison said a membership meeting will be called to designate the beneficiary of remaining funds and to dissolve the corporation. New will donate $25,000 to Friendly House and the local agency is also at the top of charities members have discussed for their share of the proceeds.
“I feel a huge sense of relief,” Harrison said. “The thought of losing control should the building go into foreclosure did not sit well with me. The role this building plays in our community is huge.”
This redevelopment of the property and the donation to Friendly House is a great conclusion we could never have imagined a year ago.
While like many I hope there will be a grocery tenant, if that doesn’t happen despite Mark New’s best efforts, I am hopeful that whatever occurs will be a nice addition to the neighborhood- and a physical improvement to the status quo!