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ortland’s 1803 Fund, backed by a $400 million pledge from Nike founders Phil and Penny Knight, announced on Thursday a $70 million real‑estate purchase that includes the former Louis Dreyfus grain terminal on the Willamette River near the Moda Center and the Oregon Convention Center. The fund, created in 2023 to advance Portland’s Black community, also bought several blocks in lower Albina, the city’s historic Black neighborhood.
Chief executive Rukaiyah Adams called the acquisitions “thousand‑year investments” that will build lasting value rooted in the people who have lived there. The new property spans more than seven acres. Early redevelopment is projected to create hundreds of jobs and generate roughly $700 million in economic impact.
Mayor Keith Wilson praised the move as a “momentous investment” that will revitalize Albina and demonstrate what can happen when vision and capital align. Senator Ron Wyden echoed the sentiment, noting the fund’s commitment to honoring history while fostering sustainable growth.
The former grain silos, now branded Albina Riverside, are expected to serve as a gateway linking the Black community to downtown. Adams said residents will see the city from the east side of the river and recognize their integral role in Portland’s story, feeling empowered to build and lead. The fund also acquired land south of the Fremont Bridge, west of I‑5, in the area once known as The Low End. Plans call for a mixed‑use neighborhood that prioritizes culture, creativity, and education.
In April, the 1803 Fund committed $25 million over ten years to Self Enhancement Inc. and Albina Head Start, two nonprofits focused on Black youth. Last year it awarded $8 million in grants to Albina organizations. The fund’s name references 1803, the year Lewis and Clark began their expedition; it also honors York, an enslaved man who joined the journey and never received his promised freedom.
A press conference is scheduled for December, where the fund will unveil renderings of the planned developments. Matthew Kish, a business reporter covering apparel and banking, has been covering the project.
