Portland city officials are pondering what the next move is for the corner of MLK and Alberta. KGW reports Trader Joe’s has pulled out of a controversial project at the site. Local African American leaders blasted the proposed development as further gentrification of the once-predominantly black business district.
The city has been trying to come up with development at the corner for 14 years. The current deal gives California-based Majestic Realty a hefty break on the land’s price; appraisers value it at between $2.5 million and $2.7 million, and Majestic is paying only about $500,000. Trader Joe’s was to have been the anchor tenant.
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