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Residents of the Grant Park neighborhood are going to have to wait a little longer for a resolution to the long-running story of the graffiti-covered structure formerly known as Gordon’s Fireplace Shop. The building, located at 3312 NE Broadway, looms over a busy intersection and Interstate 84.
As WW and other media have reported, Seattle developers purchased the historic building on Dec. 28, 2017, intending to redevelop it.
But they missed the market (one of the principals blamed the city’s slow permitting process) and, records show, failed to pay contractors or city of Portland nuisance liens when they finally began work on the building. The project’s lender rescued it from being auctioned off by the city in September.
The respite proved short-lived. The lender, a Cayman Islands-registered investment firm, foreclosed on the project, and after negotiations for a rescue fell through, a court-appointed receiver hired brokers to sell the property in an online auction originally scheduled for Dec. 16–18.
Related: The Former Gordon’s Fireplace Shop Is Set for Auction a Second Time
In keeping with the fitful history of the development, the December auction did not happen. It is now set for Jan. 21–23.
Carl Grending, one of the brokers handling the auction, says the delay was a matter of prudence.
“The bank needed to make sure they didn’t run into any legal issues, so their legal counsel recommended we push out one month,” Grending says.
“We have over 80 people from all over asking for information and showing interest,” he adds. “I foresee that someone will purchase this when it goes to auction. We have talked to many people about different ideas, from tearing it down, to continuing on as multifamily, to maker spaces, to retail entertainment venues.”