One of Oregon’s largest private foundations will hop across the river into a new headquarters on land it just purchased for $4.9 million.
Meyer Memorial Trust, established from the estate of grocery magnate Fred G. Meyer has purchased the 25,000-square-foot property at 2045 N. Vancouver Ave. The site has been home to an impound yard and automotive repair operation for Sergeants Towing since 1995.
Meyer Memorial Trust plans to build a three-story building with about 20,000 square feet of usable space on the site.
According to a release, the foundation liked the central location of the property, the transportation options nearby and the fact that many of its staff members live nearby.
“In the long term, we’ll have more money to pay out in grants,” said Mitch Hornecker, an MMF board member, in the release. “We looked at a lot of sites all over Portland. Inner Northeast Portland is an area where we have already made investments through our grant-making over the past 36 years. The decision to build the permanent home of Meyer Memorial Trust in the heart of the historic Albina community is one we are proud of.”
MMF, which has assets of close to $800 million, will work with local developer project^ and Fieldwork Design & Architecture on the project.
The foundation’s current office is at 425 N.W. 10th Ave. It expects to move into the new building by the first quarter of 2020.