NWC OF WALLACE AND 2ND ST NW St - MU Redevelopment Opportunity in West Salem OR 5.29 Acres of Commercial Land Offered at £4,893,333 in Salem, OR 97304

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EXECUTIVE SUMMARY

With the city’s recent completion of 2nd Street connecting Wallace Road to the site’s southern boundary, including the completion of pedestrian connections and landscaping, this site is a blank slate waiting for a developer’s vision to be realized. The West Salem trade area is
underserved for its growing population and sample site plans show numerous options for multi-family, retail, office and hospitality. With four universities within a 25-mile radius, and over 40,000 VPD in front of this site, it is ready for new life. Because this site contains space
underground in an existing structure for an estimated 50 vehicles, there is more capacity for on-grade maximization.

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PROPERTY FACTS

Price	£4,893,333
Sale Type	Investment or Owner User
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Retail Mixed Use Multifamily
Total Lot Size	5.29 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	MU-III - This zone generally allows a variety of retail and office uses, commercial services, and multiple family residential uses.

1 LOT AVAILABLE

Lot

Price	£4,893,333
Price Per AC	£925,015.72
Lot Size	5.29 AC

This flat, rectangular site is primed for redevelopment under the current MU-III zoning which encourages infill development and redevelopment in mixed-use corridors and promotes pedestrian access.

DESCRIPTION

This property is located within the West Salem Urban Renewal Area which provides opportunity to leverage city grant funds to enhance project viability. Current maximum grant amount is $300,000 but the urban renewal agency will consider exceptions to that limit on a case by case basis depending on need and impact of the project to the community.