Portland Diamond Project signs letter of intent to buy site for MLB stadium

PORTLAND, Ore. (KOIN) — About a week after the WNBA announced its return to Portland, a local organization has moved forward with its efforts to bring Major League Baseball to the city as well.

On Tuesday, the Portland Diamond Project revealed it signed a letter of intent to acquire the South Waterfront’s Zidell Yards — with hopes of it becoming the next MLB stadium.

The sale is pending a 120-day due diligence period. The Diamond Project then has 42 months to officially purchase the 33-acre former shipyard.

PDP Founder and President Craig Cheek said the potential acquisition of the property, currently owned by the Zidell family’s ZRZ Real Estate, is a “dream come true.”

“We’ve spent years talking about a future Major League Baseball team calling Portland home,” Cheek said. “Now we can say Portland will have professional baseball in the heart of the city, along one of Oregon’s most iconic rivers.”

The organization previously considered developing a ballpark at the Lloyd Center. It was also in talks with officials to purchase the 164-acre RedTail Golf Course owned by the City of Portland, although it was annexed to Beaverton in 2003.

The letter of intent to purchase the South Waterfront property is a “big moment for Portland,” Mayor Ted Wheeler said in a statement.

“This is a tremendous opportunity to shape our waterfront, create new economic opportunities, and build a vibrant and sustainable neighborhood,” Wheeler stated, in part.

He also said an MLB team would expand Portland’s “sports economy and culture,” most recently advanced by the announcement of a professional women’s basketball team.

In addition, Zidell Companies President Jay Zidell said the sale would benefit his family and the “iconic site.”

“There have been numerous proposals over the years on what should become of Zidell Yards,” Zidell said in a statement. “I think the potential for a future professional baseball stadium is an ideal use of the land. Who wouldn’t want to watch baseball with the Willamette River as the backdrop?”