PORTLAND, Ore. (PORTLAND TRIBUNE) — A new Amazon.com fulfillment center is planned for 73 acres of land in Troutdale, the Port of Portland confirmed on Monday.

The purchase price was listed as $20 million — or $6.25 per square foot — according to documents published by the Port’s controlling commission.

Trammell Crow Company, one of the world’s largest real estate investment funds, will buy the land, oversee construction and then issue a long-term lease to Amazon, according to the terms of the agreement. The distribution center is expected to be fully operational by 2018.

The Port will formally approval the deal during a meeting on Wednesday, Feb. 8.

The new facility will “house innovative technology to serve customers throughout the Pacific Northwest,” according to a packet released in advance of the meeting.

The 855,00-square-foot property will have 49 loading docks and parking stalls for 276 semi trailers. An additional 2,511 parking spots for vehicles, 16 slots for motorcycles and 185 spaces for bicycles are planned.

The Outlook first reported news of the deal in December, after multiple independent sources shared that the global e-commerce giant was engaged in high-level talks to purchase the industrial property at the Troutdale Reynolds Industrial Park, located just west of Troutdale Airport and north of Interstate 84. A FedEx Ground shipping center established in 2010 also operates at the site.

Amazon could qualify for a five-year waiver of its property tax — roughly $7.2 million — thanks to the area’s Enterprise Zone designation. In December, the Troutdale City Council considered adding a 25-percent tax to those abated fees, which would generate approximately $2.4 million in revenue for the city.

At that time, city leaders estimated Amazon would spend $150 million on new equipment and construction. The site is expected to employ “hundreds,” though most will earn “a more mass market compensation level,” according to city documents.

The TRIP property, located on Northwest Sundial Road, is the former site of a World War II-era Reynolds Aluminum plant.The Portland Tribune is a KOIN media partner.