The developer who bought Wapato, the never-used Multnomah County jail, for $5 million last week, says he has already sold a stake in the property.
Marty Kehoe described the arrangement as taking on a partner: the well-heeled property magnate Jordan Schnitzer, CEO of Harsch Investment Properties, is investing alongside Kehoe.
The property will be owned through trusts, Kehoe tells WW. He declined to disclose a dollar figure or any other specifics of the investment Schnitzer is making.
Kehoe also claims he isn't sure who would be majority owner after the deal because of the complicated nature of the arrangement.
Schnitzer did not immediately respond to a request for comment.
Schnitzer's involvement makes sense from a business perspective. Harsch Investment Properties, Schnitzer's firm, owns or operates 24 million square feet of commercial real estate spread across 100 properties in six western states.
"[Schnitzer's] coming in as a partner, and he's going to manage it," Kehoe says. "We look forward to developing it to its highest and best use."