(The 21-acre site that Hooker Creek Companies and Kennedy Wilson plan to turn into a mixed-use development project | Photo courtesy of Kennedy Wilson)
Matt Day, owner of Bend-based Hooker Creek Companies, and global real estate investment company Kennedy Wilson (NYSE: KW) have entered into a joint venture to create a mixed-use project on the former KorPine mill site, located on a prime 21-acre parcel near the Old Mill District and the Box Factory. Formed on December 31, 2021, the partnership’s intention is to develop the site into a master-planned community that will likely include a mix of apartments, affordable senior housing, for-sale homes, office space, a boutique hotel and retail space.
“As we thought about the future of these 21 acres over the last many years, we focused on finding a partner who would do right by the community and that had significant experience developing large projects across the Western U.S.,” says Day, whose company — a full-service construction materials provider — has owned the property since 2004. Kennedy Wilson has an existing presence in Bend through ownership in a senior affordable community, Vintage at Bend, as well as a significant presence in the greater Pacific Northwest region. “I had an existing relationship with Kennedy Wilson and felt that combining their capabilities with our local knowledge would result in an extraordinary development we can all be proud of.”
Located south of downtown and east of the Deschutes River, the team envisions turning the site into a residential and commercial hub that will feature open space accessible to the wider community in central Bend. KorPine was a particleboard manufacturing plant that was operational from 1966 to 2002 and was heavily damaged in early 2017 during a snowstorm. “This is a multi-year project that will be developed in phases, so a final completion date is years down the road,” says Day. “Currently, our experienced design team is starting the entitlement process, which will incorporate Bend’s Core Area Plan and will include collaboration with city staff and community stakeholders to develop a thoughtfully designed community that fits in well with neighboring communities.”
The proposed development will align with the goals and objectives laid out in the Core Area Plan adopted by the City of Bend in 2020 to address four of the city’s nine opportunity areas — areas suitable for new growth as identified in the Comprehensive Plan. The long-term plan is focused on creating a connected community and integrating emerging mixed-use districts with more established areas of the city. Plans for this development will reflect the guiding themes of the Core Area Plan to provide a vibrant, connected and walkable community that preserves the character of the neighborhood and incorporates sustainable design principles. As longtime members of the Bend community, Day says Hooker Creek has remained committed to transforming this site into a thriving development that will be integral to Bend’s growth for years to come. “In Kennedy Wilson, we’ve found a partner that not only has the experience and expertise to lead the project, but also one that shares our commitment to building an extraordinary development.”
“We are thrilled to expand our presence in Oregon and to partner with Matt Day and his family in bringing a thoughtfully and sustainably designed project to one of the most exciting and rapidly growing markets in the Western U.S.,” said William McMorrow, chairman and CEO of Kennedy Wilson. “Through this joint venture with local partners, we look forward to working closely with the city and community stakeholders to develop a smart growth plan that will help address the need for additional housing and infuse new life into an area crucial to the future of Bend.”
Hooker Creek got its start in the early 1980s when Hooker Creek Ranch was established. According to the company’s website, Hooker Creek entered the Central Oregon construction industry in the early 1990s by acquiring Moon Quarry, a sand and gravel pit east of Bend. At that time, 11 people were hired and the company provided quality aggregate products to the Bend area. Over the years, Hooker Creek has experienced phenomenal growth through the acquisition of a variety of Central Oregon companies and is one of the leading Ready Mix Concrete providers in the area.
As part of this region’s community for more than 30 years, Hooker Creek supports many local organizations, including nonprofits such as Bend Park and Recreation District, Boys & Girls Club of Bend, the Deschutes Children’s Foundation and many others. The company has also sponsored local events including the Deschutes, Jefferson and Crook county fairs, Central Oregon Business Expo, the COBA Home & Garden Show and Special Olympics Oregon.
Kennedy Wilson, headquartered in Beverly Hills, California, is a global real estate investment company that owns, operates and invests in real estate through its balance sheet and through its investment management platform. The company focuses on multifamily and office properties located in the Western U.S., the U.K. and Ireland.
