Photo courtesy of the Bend Central District
As a real estate broker, I’ve spent the last two decades advising my clients on sound investments in Central Oregon and helping them maximize their returns when it comes time to sell. Like any job that involves predictions about the future, much of what I do relies on educated guesses, with few guarantees.
I’ve previously shared my excitement about the transformative potential of the Bend Central District. I’ve talked about the planned Midtown Crossings and their implications for our city, the housing opportunities that revitalization will bring and how local projects like The Catalyst will energize our newly reimagined urban landscape.
Despite all its promise, revitalization projects can generate understandable skepticism. We can all point to similar initiatives that have fallen short, and we’re right to be daunted by the sheer scale and ambition of the vision for the BCD. In this case, however, I’m happy to say there isn’t a lot of guesswork happening.
To believe in the BCD’s future, one only has to look at the significant funding that has already been allocated. Take the Midtown Crossings project, a key part of the revitalization that will include vital improvements to Greenwood, Franklin, Hawthorne and Second streets. The heart of this project, the Hawthorne Overcrossing, has secured nearly $25 million in funding: $19.5 million from the RAISE Grant provided by the U.S. Department of Transportation and an additional $5 million from Oregon Lottery Bonds, surpassing its estimated cost of $24.5 million.
Moreover, the BCD falls not only within a federal Opportunity Zone, which creates tax incentives that attract private investment, but also within a state-designated Urban Renewal area that qualifies for tax increment financing. TIF is an economic development tool designed to capture increased tax revenue from rising property values and reinvest it into the district, ensuring continuous funding for ongoing infrastructure and streetscape improvements.
Drilling down even further, a variety of grants exist to support local businesses in the BCD, such as those from the Core Area Business Assistance Program or the Bend Sustainability Fund, which last year awarded $450,000 to foster the development of The Catalyst, the hub that will activate the northeast corridor at Second Street and Hawthorne. Federal funds from the American Rescue Plan Act, aimed at economic recovery, are bolstering the BCD’s transformation, while contributions from Oregon Department of Transportation programs are being directed to enhance transportation safety improvements. The Capital Improvement Program is supporting the Neighborhood Greenways Project and the Franklin and Greenwood Underpass Stormwater Project, both essential for upgrading the district’s infrastructure.
Far from speculative, these diverse and substantial funding sources are already being put to work. City officials, urban planners, developers and business owners are, as I write this, part of a strong, coordinated effort to ensure that the dream of the BCD becomes a reality. The time for skepticism has passed — the transformation is already underway. And, in large part, already paid for. The time to invest is now.
To stay up to date with what’s happening in the BCD, visit discoverthebcd.com.