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The downtown Greek Cusina building that lay empty for nearly a decade assumed new ownership on March 6, one month after WW wrote about its $74,000 property tax bill. That tab was owed by the now-former owner, an LLC called ENT Ventures VIII whose sole listed member in business filings is 37-year-old Portland developer Parker McNulty.
The building for years contained a wild and popular restaurant and nightclub called the Greek Cusina, until it abruptly shut down in 2010 after sparring continuously with the city over code enforcement issues. An LLC tied to McNulty purchased the four-story building in 2014, but he’s since struggled to fill the space despite big ambitions. In 2021, tax records show, the LLC fell behind on its property taxes, accruing a $74,000 tax bill.
Property records show a company called CPIF PDX LLC, registered in Delaware, assumed ownership of the 22,000-square-foot building March 6—less than a month after WW’s story about the building. CPIF PDX LLC appears to be an affiliate LLC of a company that granted a $15 million loan to ENT Ventures VIII in 2021 for the Greek Cusina building. (It’s unclear whether McNulty is associated with the Delaware LLC, and he did not respond to a question about it.)
It’s unclear exactly what type of deal was struck between the two parties, as no sale amount is listed in documents, but deed paperwork appears to show that ENT Ventures is still required to pay off the $15 million loan, as well as handle claims filed by construction companies in 2022 that allege a failure to pay $160,000 in bills. It also appears the delinquent taxes would remain the responsibility of ENT Ventures VIII.
McNulty told WW in February, when asked about the building’s unpaid 2021 property taxes, that he had big plans for the iconic building: office space on the top floors, retail on the bottom, and a speakeasy venue under that. McNulty is a California transplant and leader of the Portland-based Carbon Group.
It’s a difficult location. The property sits across Southwest Washington Street from the commercial complex Washington Center, which thanks to a popular fentanyl market has become the most notorious vacant property in downtown.
Three days after ownership of the former Greek Cuisina changed hands, $74,000 in property tax debts were paid off, including $31,000 in delinquent taxes from 2021.
CPIF did not respond to requests for comment.
McNulty says that since he became involved with the building nearly a decade ago, “more than $8 million has been invested to bring the building back to life.” He says he hopes the concert venue and speakeasy will open this summer.
The owners of another property profiled in WW’s Feb. 15 cover story about delinquent property taxes have since paid off their bills: The owners of the beloved Loprinzi’s Gym in Southeast paid off a $34,296 tax bill on Feb. 21, six days after WW published its story. The iron pumping continues.