| By
Fred Leeson
The
former nerve center of the Naito family merchandising and real estate empire
changed hands last week on its way to becoming a $30 million University of
Oregon complex in Portland.
Dozens of current and former employees of several Naito-owned companies
joined the ceremony as the Bill Naito Co., completed the sale of
three buildings on a single block bordered by Northwest Naito Parkway
and First Avenue between Burnside and Couch streets.
"Today we are so proud to bring the University of Oregon to historical Old
Town," said Anne Naito-Campbell, daughter of Bill Naito. "We
are where Portland started. Now we'll be where Portland is headed."
Mayor Tom Potter said no other family cared as much or invested more
in the neighborhood than the Naitos. He said the university would "infuse
the neighborhood with new energy and vitality."
Brothers Bill and Sam Naito bought the White Stag building in 1972 and
made it the headquarters of the family empire that included Import Plaza,
Made in Oregon stores, Norcrest China and Pacific Orient. The brothers
also bought and renovated numerous old buildings in downtown and Northwest
Portland.
Bill Naito died in 1996. A subsequent rift in the family lead to a division
of properties between Sam Naito and Bill Naito's heirs.
When substantial renovations are completed early in 2008, the university
will house programs for architecture, law and journalism and a computer
laboratory, six classrooms, an event space for school functions and a
university bookstore/Duck Shop. The university has signed an 18-year
lease with a company formed by the Venerable Group, a Portland firm that
specializes in restoring historic buildings. The agreement includes an
option for UO to buy the complex after eight years.
The renovation financing is a complex mix of public and private money,
including Portland Development Commission loans for earthquake bracing
and construction finance.
Fred Leeson: 503-294-5946; fredleeson@news.oregonian.com
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