The Portland Diamond Project today announced that it will not make the first scheduled payment on an option it holds on a disused Northwest Portland shipping terminal owned by the Port of Portland.

Last November, the Diamond Project signed an agreement with the Port on Terminal 2, located at 3556 Northwest Front Ave. The agreement called for the group to begin making quarterly payments to the port on May 29, with a scheduled first payment of $375,000.

Today, however, PDP said it will instead extend the original 180-day due diligence period by six months and instead of making the payment due tomorrow, will pay $37,500 per month for six months to extend the original timeline.

"Portland Diamond Project continues to evaluate Terminal 2 as the preferred site for a ballpark and mixed-use development. We have come to an agreement with the Port of Portland for up to six months of extensions to continue the due diligence period," the group said in a statement.

The contract signed last year called for PDP to make quarterly payments over the course of two years, pursuant to a 55-year ground lease on the property.

Terminal 2, at 45.5 acres, is a big piece of land and its location on the Willamette River is attractive for development.

The site also poses a variety of questions about zoning, transportation and environmental liability that PDP needs to answer—in addition to larger questions about whether there is a team available through MLB expansion or the transfer of an existing franchise.

Also to be determined: whether PDP's backers have the money to pay for it all.

Through PDP, the port today issued the following statement: "The Portland Diamond Project asked for more time for due diligence at Terminal 2 and we feel comfortable extending the timeline."