Financing for infrastructure improvements was secured through city-issued bonds, while the city had been assembling various parts of the site itself since 1975. From Vision to Action W ith the infrastructure and vision in place, Portland could begin searching for a developer. In 1983, the Portland Development Commission sponsored a nationwide design competition for a ten-acre parcel of the South Waterfront Development Area, calling for a mix of residential and commercial retail uses. Three firms were selected to compete for the Area s development, and Seattle s Cornerstone Development Company was ultimately selected. Cornerstone s proposal met the Commission s basic requirements of 500 units of housing, two restaurants, and shops overlooking a privately operated marina.
Retail provides the base for residential above.
Photo by S. Buntin. Phase I of RiverPlace was completed in 1985. I funding was provided largely through tax-increment financing. This phase included 158 condominium units, the 75-room RiverPlace Alexis Hotel, a public marina with 200 spaces for large sailboats and light watercraft, a floating restaurant, specialty shops along the esplanade, and an athletic facility sized to serve both RiverPlace and the surrounding community. All docking spaces, retail shops, and restaurants were immediately leased.