That is an area larger than Pioneer Place. The Mead Building is located along the Transit Mall, across the street from a major new hotel. Fully one-third of downtown's hotel rooms are within a few blocks of this site. The visitor industry is one of the economic engines that drives our downtown's and the city's economy. Predictions are that it will be No. 1 within 10 years.
Visitors already account for one-half of downtown's retail sales.
But this is also one of downtown's most vulnerable neighborhoods, and the flip side of its potential is the risk of decay that will ripple throughout the central city. While high vacancy rates and empty buildings offer capacity for new retail destinations and jobs, the fact that these persist while Portland enjoys one of the strongest real estate markets in its history should alarm our county leaders. For years, we in the business community have worked in partnership with the city and county to improve the business climate and pedestrian environment in the neighborhood. We've met with some success. But that success is fragile.