The Portland Development Commission will consider one of its largest loans ever Wednesday to help the Pacific Northwest College of Art move into an historic old post office.
The federal government donated the stone building at 511 Broadway to the PNCA in 2009. But to turn it into a state-of-the-art campus, the college has been raising money.
It has already sold its current home in Portland’s Pearl District.
Now in a complex deal, executive director Patrick Quinton says the PDC is considering loaning the school $20 million.
“If you’re looking for a catalytic project to kick things off in that part of Old Town, I mean I think this is as good as any and could be the first of many big projects that happen in that four or five square block area,” Quinton says.
Four other schools now have sites in the area including the University of Oregon, The Art Institute of Portland, the Oregon College of Oriental Medicine, and Pensole Footwear Design Academy.