The Portland Diamond Project (PDP) continues to work with the Port of Portland in hopes of securing a site for a future baseball stadium. Today, the PDP released some updated info as they continue to research the site and its baseball future. Below is the official press release from the PDP:
PDP Statement on T2 Extension:
Portland Diamond Project continues to evaluate Terminal 2 as the preferred site for a ballpark and mixed-use development. We have come to an agreement with the Port of Portland for up to six months of extensions to continue the due diligence period.
Port of Portland Statement:
The Portland Diamond Project asked for more time for due diligence at Terminal 2 and we feel comfortable extending the timeline.
Will Portland Diamond Project be paying the Port of Portland for the extensions?
Yes. PDP will pay the Port $37,500 for each month of additional due diligence.
When are the payments due?
PDP will pay the first Monthly Extension Fee in the amount of $37,500 on or before June 1, 2019 and will also pay five successive payments of the Monthly Extension Fee in the amount of $37,500 each, on or before the 1st day of July, August, September, October and November of 2019.
What happens when the six months are up?
At that point, we’ll enter next phase of cementing our partnership with the Port to develop this property.
Is PDP considering other sites?
We love the opportunity that Terminal 2 presents for a ballpark on the waterfront and a new neighborhood that extends the central city. We have an agreement to continue evaluating Terminal 2 and that’s where our energy is focused.
So, you’re considering other sites?
We’re focused on Terminal 2, but we’ll be pursuing all options that make sense until shovels are in the ground.