Expansion Update: Portland in Trouble?

pgeWe have discusssed Portland’s expansion bid on multiple occassions.  Recently, these stories have focused on the “funding gap” between the money promised by Merritt Paulson, the City of Portland and other sources.  Specifically, there is more than a $28 million hole, even if the City is able to sell more than $35 million in bonds in a tough market (if not, the gap is much larger).  Now citizens in Portland opposed to the deal are speaking out in an effort to kill the deal.  The Oregonian is reporting that a number of local architects are working to preserve Memorial Coliseum by placing it on the National Register of Historic Places.  If that effort is succesful, it would block the two-step required to get the Timbers their own stadium.  Portland’s minor league team is supposed to get a new stadium in place of the Coliseum while the Timbers are supposed to move to PGE Park.

Sensing the shifting winds, Mr. Paulson submitted an op-ed piece to the Oregonian in support of the deal.  In the article, he discusseds the proposed improvements to PGE Park, the importance of the Beavers and Timbers to Portland and the financial benefits of the new construction.  Also important is the connection between the stadiums, the Rose Quarter and downtown Portland.  At the same time, other columnists are taking a different view.

Just a few weeks ago, MLS fans were ecstatic about the prospect of a three team rivalry in the Pacific Northwest.  Now, the Portland deal is facing a number of hurdles that might slow down the process.  These challenges are typical for stadium construction projects nationwide.  Building multi-million dollar public/private projects is difficult and such efforts rightfully face significant amounts of scrutiny.  We will continue to monitor the efforts in Portalnd; it will certainly be a developing story over the next two years.