Roeder & Company, LLC and Enhanced Community Development announce the closing of an $8 million Oregon New Markets Tax Credit (NMTC) financing for the new campus of Pacific Northwest College of Art (PNCA) in downtown Portland, Oregon. PNCA is currently working on a $29 million renovation of the historic post office building at 511 NW Broadway into the Arlene and Harold Schnitzer Center for Art and Design.
PNCA, founded in 1909, is Oregon’s flagship college of art and design. In the last seven years, PNCA has doubled both the student body and full-time faculty, quadrupled its endowment, and added innovative undergraduate and graduate programs. PNCA will continue its expansion with the completion of the new campus building, which will provide the space to continue to grow both undergraduate and graduate programs. In addition, with the increased growth, there is the opportunity to add new full time and part time positions over the coming years to support the expansion. The influx of new students and faculty will provide economic benefits to the surrounding low-income community.
“The relocation of PNCA to 511 NW Broadway will help bridge a perceived barrier between the emerging Old Town/Chinatown neighborhood and the thriving Pearl District,” said Sarah Zahn, development manager at Gerding Edlen, the project developer. “The hope is that this project will trigger increased investment in the community, and contribute to a vibrant ‘creative corridor’ in the central city.”
The renovation will be completed in January of 2015, in time for the spring semester. For more information on PNCA, please visit www.pnca.edu.
PNCA, founded in 1909, is Oregon’s flagship college of art and design. In the last seven years, PNCA has doubled both the student body and full-time faculty, quadrupled its endowment, and added innovative undergraduate and graduate programs. PNCA will continue its expansion with the completion of the new campus building, which will provide the space to continue to grow both undergraduate and graduate programs. In addition, with the increased growth, there is the opportunity to add new full time and part time positions over the coming years to support the expansion. The influx of new students and faculty will provide economic benefits to the surrounding low-income community.
“The relocation of PNCA to 511 NW Broadway will help bridge a perceived barrier between the emerging Old Town/Chinatown neighborhood and the thriving Pearl District,” said Sarah Zahn, development manager at Gerding Edlen, the project developer. “The hope is that this project will trigger increased investment in the community, and contribute to a vibrant ‘creative corridor’ in the central city.”
The renovation will be completed in January of 2015, in time for the spring semester. For more information on PNCA, please visit www.pnca.edu.
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