It looks like two years of work and strategy to get The Round on a solid track once and for all is coming together. Market forces are finally being utilized (as opposed to the prescriptive development deals of the past) that will benefit all citizens of Beaverton. Cost savings on the plant lease alone make it a strong business decision, potentially provide much needed space for city departments, and provide the foundation for greater development downtown (Westgate!).
If the City Council goes forward, the cost of the building will be $8.7 million. To build the equivalent structure today would cost an estimated $17 million. Cash reserves will be used. The City, without the purchase and with the original lease in place, will have spent over $13 million over the life of the lease to just pay for the small plant space they are currently obligated to. In this deal, ScanlanKemperBard (developer) will purchase the 24 Hour building, the parking structure and all the vacant lots and develop them