City Supports 511 Project
November 12, 2013
A historic partnership between Portland Development Commission and PNCA became a reality as the PDC commissioners enthusiastically supported a $20.3 million loan package for the renovation of the 511 building, the College’s future home. The public financing is one of PDC’s largest loan packages ever and is seen as key element in not only PNCA’s vision for a campus centered on the North Park Blocks but also as a key element in the revitalization of the Old Town/Chinatown neighborhood.
“If you’re looking for a catalytic project to kick things off in that part of Old Town, I mean I think this is as good as any and could be the first of many big projects that happen in that four or five square block area,” stated PDC executive director Patrick Quinton.
The financing is part of a $32 million renovation budget which includes a $15 million capital campaign—Creativity Works Here—which is now well over the $11 million mark.
Renovation of the building, known as the Arlene and Harold Schnitzer Center for Art and Design, begins before the end of the year and PNCA will move into its new campus in January 2015.