Jobs and Economic Development
The SW Moody Avenue Project is significant for its impacts on the local economy in a time of economic downturn. In addition to an average of 62 direct, full-time equivalent jobs supported during construction, the project promotes redevelopment that will facilitate over 9,000 long-term jobs in Portland’s South Waterfront Innovation Quadrant district. It also provides a key transportation link that supports economic development in all four districts of Portland’s Innovation Quadrant.
Economic Development in the South Waterfront Innovation Quadrant District
Located in the South Waterfront district of the Innovation Quadrant, the SW Moody project will enhance the connections and collaboration between higher education institutions, workforce development providers and private sector partners. Economic engines in the South Waterfront district include Oregon Health & Science University, Portland State University and Portland Community College’s workforce training center. Portland State University (PSU) alone generates more than $1 billion annually in regional economic activity and has a vision to become one of the world’s leading academic institutions in the field of sustainability. Oregon Health & Science University (OHSU) – a top-20 nationally ranked academic medical research institution and the fourth largest private employer in the state – generates close to $3 billion annually in economic activity.
The $51.2 million public investment in the SW Moody project facilitates the creation of an estimated 4,980 long-term jobs by unlocking parcels adjacent to the project for future development and more than 9,200 in the surrounding 28 acres of parcels. The first parcel to break ground will be the Oregon University System’s Life Sciences Complex on the OHSU Schnitzer Campus. Construction of the $180 million Life Sciences Complex begins in 2012 and is expected to support over 2,100 short-term direct and indirect jobs.
Broader Innovation Quadrant Economic Development Benefits
The SW Moody Project makes possible a more complete transportation system that links to the City’s three other Innovation Quadrant districts: Central Eastside Industrial, Marquam Hill, and University. In total, the four districts of the Innovation Quadrant are anticipated to grow by approximately 30,000 jobs and 11,000 households over the next 25 years.
The SW Moody Avenue Project created the opportunity for the new Portland to Milwaukie light rail line to cross the Willamette River into Southeast Portland and extend south to Milwaukie, Oregon. The bridge will provide access for multiple forms of transit including the new light rail line, a streetcar connection, and multiple bus lines. The bridge and light rail line will intersect with SW Moody Avenue at the future SW Porter Street. The project also supports future Portland Streetcar extensions including the Close the Loop project, which connects the eastside and westside streetcar lines.