Well this is exciting.
Finally, some movement on the Phoenix Pharmacy building. After months of speculating, hoping, and rumor-mongering, maybe our once-iconic-but-still-could-be-iconic building at 67th and Foster has a future. And not a future of rot and further decay.
According to the Oregonian—as well as a few months of hints at a possible deal between the building’s owner and Mercy Corps NW—the deadline is nearing for a deal to be struck on the building’s purchase, with the potential buyers being a team of Mercy Corps and ROSE Community Development.
As we mentioned several months ago, such a deal would lead to the formation of a Real Estate Investment Trust (REIT), in which local residents would be able to invest in the building, too. The idea would be to build equity in the property and return profit to those who helped return to the building to its former glory…or better.
Apparently, after months of running numbers and forming a business plan, Mercy Corps and ROSE have until April 1 to make the deal a go. But according to the article, if a deal is not struck, there is still hope at a future resuscitation of the brick building. The owner’s son, Matt Froman, is intent on making the building as special as we all know it can be. He sees the potential, and realizing that potential doesn’t necessarily hinge on the Mercy Corps and ROSE deal—though it would certainly speed things along.
Crossing. Fingers. Now.