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Port Approves FedEx Sale by Staff Portland Business Journal, January 10, 2008

Port of Portland commissioners Wednesday approved the sale of 78 acres of the 700-acre Reynolds industrial site to FedEx.

Memphis-based FedEx Corp. plans to spend roughly $102 million to purchase the land and build a distribution center on it. The facility will replace an existing facility on Swan Island and eventually employ 1,000.

The sale still needs approval by the city of Troutdale.

The Port of Portland purchased the 700-acre Reynolds industrial site for $17.25 million in December. It plans to develop 350 acres and maintain the rest as wetlands.

The parcel is one of the largest contiguous parcels of undeveloped industrial land in the area and sits in an ideal location for development near Interstate 84, the Columbia River and Portland International Airport.

Reynolds Metals Co., a subsidiary of Pittsburgh-based Alcoa Inc., formerly operated an aluminum smelter on the site.

The property will be developed in three phases.

The first phase includes the FedEx project as well as the development of a 15-acre and a 38-acre plot. Tenants have not been finalized for either site.

After the first phase is completed, the port will develop an additional 111 acres. The final 125 acres will be developed in a third phase.

FedEx is expected to begin construction soon.

A timeline has not been set for the final phases of development.

The port purchased the property with money from its general fund. The 700-acre site will be renamed the Troutdale Reynolds Industrial Park.