An unsolicited offer to buy Multnomah County’s unopened Wapato Jail has fallen through for the second time in a year.
According to Multnomah County, Pacific Development Partners made an unsolicited $10 million cash offer for the North Portland jail in May. The company had 90 days to perform due diligence.
In August, Pacific asked the county for an eight-week extension, saying that a data center developer had expressed interest, but Pacific needed more time to complete its due diligence. The period passed without further action and on Oct. 10, Pacific let its contractual rights expire.
The first offer was for $9 million from real estate speculator Garison Russo. He withdrew it in late October 2016 after the Portland Tribune questioned his development experience and financial backing in a series of articles.
Read the full story at the Portland Tribune.