The 1803 Fund, an organization working to advance Portland’s Black community, on Thursday announced $70 million in real estate purchases, including the site of the former grain silos near the Moda Center.
The organization, which was formed in 2023 with a $400 million pledge from Nike co-founder Phil Knight and wife Penny Knight, also announced it had purchased several blocks in the lower Albina neighborhood, the historic center of Portland’s Black community.
“These are thousand-year investments,” said Rukaiyah Adams, 1803 Fund chief executive, in a news release. “We are investing in Albina not as an artifact of the past, but as a promise to the future. Our goal is to build something enduring, grounded in the people who have always called this neighborhood home.”
The real estate sits on more than seven acres. The 1803 Fund expects the early stages of redeveloping the properties will generate hundreds of jobs and nearly $700 million in economic impact.
“Albina is a historical and cultural cornerstone of our city,” Mayor Keith Wilson said in the news release. “This momentous investment brings new life and new opportunity to one of Portland’s most important neighborhoods. It is a powerful example of what’s possible when vision and investment come together.”
The grain silos, formerly owned by the Louis Dreyfus Co., are now known as Albina Riverside. The 1803 Fund expects the property to become a neighborhood gateway connecting the Black community to downtown.
“They’ll see their city from the east side of the river and realize they’ve always been — and always will be — part of its story,” Adams said in the news release. “When they stand here, they’ll feel their power and potential, knowing they can build, lead and make remarkable things real. Our children will grow up seeing something that’s ours: rooted, lasting, not borrowed for a season.”
The 1803 Fund also purchased real estate in the lower Albina neighborhood that is south of the Fremont Bridge and west of Interstate 5, in a district once known as The Low End. The organization wants to develop a mixed-use neighborhood on the property focused on culture, creativity and education.
“This great news from 1803 Fund will write a new, exciting and significant chapter for Portland to keep our communities growing,” U.S. Sen. Ron Wyden said in the news release. “This transformational investment in Albina represents the kind of bold leadership grounded in the sustainable and shared values needed to generate economic growth that honors history and builds a better future for the entire city.”
In April, the 1803 Fund announced it will invest $25 million each, over 10 years, in Self Enhancement Inc. and Albina Head Start, two stalwart Portland nonprofits focused on Black youth. Last year it awarded $8 million in grants to organizations in the Albina neighborhood.
The 1803 Fund will hold a press conference in December and unveil renderings of the new real estate developments.
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