(Photo above: Murray & Holt | Cascade Business News)
Long term Bend-based real estate development leaders Brooks Resources Corporation has laid down a marker for creative repurposing of property close to the city’s core with the acquisition of a former car lot off Franklin Avenue.
Brooks Resources purchased the 1.76-acre property — which was most recently home to the Murray & Holt auto dealership, a fixture in Bend since 1957 — to capitalize on its future development potential as part of the emerging Bend Central District (BCD), an area identified by the City of Bend for infill and redevelopment opportunities.
Possible concepts that could be explored which would align with the new BCD overlay could encompass mixed-use development such as multi-story projects featuring apartments or offices over ground floor retail.
“Brooks Resources has an interest in seeing the Bend Central District flourish and we see this property as an essential asset to the BCD,” said Kirk Schueler, president ans CEO of Brooks Resources.
“While we have explored different development concepts, we don’t have an immediate plan for the property. We’re making an investment in the potential of this land and hope to create a mixed-use development in the future that is well received by the entire City of Bend.”
Moey Newbold, coordinator for the grassroots BCD Initiative, said, “Everyone is so excited for positive changes to take place in the BCD, and I couldn’t be more pleased that Brooks Resources has purchased a key property on Franklin Avenue.
“With their deep roots and consistently cutting-edge vision for the future of Bend, Brooks Resources is the perfect developer to be a pioneer in creating a vibrant mixed-use neighborhood in this severely under-loved area.”
Jack Holt, the seller in the transaction, said he was also pleased with the opportunities for the property that exist with Brooks Resources.
He added, “The Brooks name has been an undisputed leader in the development of Bend, from the mill town the Brooks Scanlon sawmill operated for many years to the properties developed by Brooks Resources.
“Bend changed, and so did Brooks. This commitment to Bend’s future through the new BCD overlay is a perfect fit for Brooks Resources.
“The result is a win-win for both parties and the community. I am very confident they
will be the absolute best stewards of this unique property for a higher and better use. I wish them all the best in this new venture.”
“We have enjoyed working with Mr. Holt on this transaction and appreciate his confidence in us,” added Schueler. “We feel certain that we can accomplish something he will be proud of.”
The new BCD initiative is part of a push involving targeted areas inside the Urban Growth Boundary/UGB (prior to the recently expanded boundary) that are seen as having potential and feasibility for more intensive development and redevelopment to accommodate projected growth.
Other potential tools being contemplated to encourage reinvention of these areas could include the City offering tax incentives or Systems Development Charges/SDCs financing as part of a broad policy directive to stimulate creative development projects.
About Brooks Resources Corporation
Brooks Resources Corporation, based in Bend, Oregon, is a real estate development company that has delivered quality real estate products and services in Central Oregon since 1969. Offering a diverse choice of premier neighborhoods in Central Oregon, Brooks Resources Corporation is committed to the preservation of natural environment around home sites, positive growth of communities and an active relationship with the communities of Central Oregon.
The company’s recent developments include North Rim on Awbrey Butte, IronHorse in
Prineville, NorthWest Crossing (a joint venture with Tennant Family Limited Partnership) and The Tree Farm, a joint venture with the Miller Family and development partners in NorthWest Crossing.
Upcoming projects include Discovery West, a development with the partners of
NorthWest Crossing, as well as opportunities for more urban development on smaller parcels, such as the former Murray & Holt dealership at 181 Franklin in Bend. Additionally, the company operates Mount Bachelor Village Resort and Brooks Resources Realty.
