The Nearly 70-Year-Old Art-Deco Pepsi Building on Sandy Will Be Redeveloped into “Dynamic Urban Village”

It was purchased by a Seattle developer this week.

By Sophia June

The PepsiCo located between Northeast 25th and 27th Avenue on Northeast Sandy Boulevard, built in 1950, was purchased by a Seattle developer this week, as reported by DJC Oregon.

The nearly five-acre property is set to be developed into apartments, including affordable housing, retail and commercial-office space—a "dynamic urban village," says John Marasco, chief development officer at Security Properties, which purchased the property. The development will occur as part of the city of Portland's 2035 Comprehensive Plan.

Related: Sick of Portland Changing? Too Bad. Here Are 7 Places Where This City Could Soon Go Big.

The building was purchased by Security Properties Development Company, partnered with Chinese firm Beijing Jade Investment Group. Security Properties isn't new to Portland; they're the developers for major apartment complexes on North Williams, the Pearl District and Goose Hollow.

The developers are enthusiastic about the possibility of what Sandy Boulevard could become.

"We see Sandy becoming Portland's next great boulevard, and this Large Site Master Plan will play a significant role in its continued transformation,"  Gus Baum, director of development at Security Properties said in a press release.

There's no word yet on where PepsiCo will relocate, or the people employed there will stay in Portland.

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