UPDATE, 2:01 pm: Portland Development Commission spokesman Shawn Uhlman confirms the agency has given Michael Wright a $1.2 million initial appraisal for his land.

"That price could come down," Uhlman says. 

ORIGINAL POST, 11:51 am: The owner of the property that currently hosts homeless camp Right 2 Dream Too says he's received a verbal offer from the Portland Development Commission to buy his land.

"There's an offer made from the PDC to me," Michael Wright tells WW.

Wright, who began renting his land to the camp in 2011 after the city razed his business Cindy's Adult Bookstore, says he'll probably hold out for a better offer.

"They're a little bit low," he says.

The PDC's interest in Wright's property was reported by The Oregonian in October. The land, at the corner of Northwest 4th Avenue and Burnside Street, is one of a number of moving pieces in City Hall's effort to relocate the homeless camp.

Last week, Mayor Charlie Hales announced that Pearl District developers Homer Williams and Dike Dame had found a warehouse at 320 NW Hoyt St. as a possible location for the camp. Hales has offered to rent the building for 15 months, at a cost of $150,000.

Mark Kramer, the lawyer for Wright and Right 2 Dream Too, tells WW the camp is willing to discuss the offer—on the condition that the city promise to help the camp find a permanent home when the 15-month lease is up.

Kramer says the PDC's interest in Wright's property suggests the camp could stay in its current location, next to the Chinatown gate.

"There's been some talk of PDC buying the property and letting Right 2 Dream Too stay right where they are," Kramer says. "I have talked to folks in the city about this, but it's definitely a Plan C."

Kramer isn't concerned that Wright wants a higher offer from PDC: "They gotta bargain, I guess."

PDC officials could not be immediately reached for comment.