Over the past decade or so, the city of Portland has invested nearly $8 million into targeted projects to help coax along the redevelopment of the Bayside neighborhood. That’s included spending on everything from improving infrastructure to acquiring property to relocating businesses. In return, private developers have responded by investing nearly $100 million in the neighborhood, with another $40 to $90 million already proposed for the next several years. So for every dollar the city has invested, private developers have been motivated to put in almost $20.
Among the private projects already complete are the $15 million Whole Foods Market, a $4 million Gorham Savings Bank and an $800,000 Trader Joe’s.