Portland, OR (2015)

The Redd on Salmon Street

Investment

  • NMTC Amount: $9,596,000
  • Total Project Cost: $10,096,000

IMPACT

  • 64 FTE jobs
  • 51 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.

Investor

Project Description

The Redd on Salmon Street is a food hub that provides warehousing, storage, distribution, logistics, processing, and business development support to local food business and producers, as well as event space for rent and public space for visitors. One of its primary objectives is to support local growers and food businesses to reach the scale needed for them to sell to institutional buyers, such as regional hospitals and city school districts, at a competitive price point. The Redd is a project of Ecotrust, which used New Markets Tax Credits, Historic Tax Credits, and a mixed capital stack of private equity and debt (minimum investments were $250,000) to finance the project. In total, the project required $28 million to acquire and renovate the two warehouses and connecting campus.

MAP

1140 Southeast Seventh Avenue, Portland, OR 97214

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