A third developer has abandoned an effort to redevelop Northwest Portland’s Centennial Mills, a former flour mill that’s now been in the city’s hands for nearly two decades.

The Lynd Co., a San Antonio condo developer, was the latest to enter negotiations with Prosper Portland to redevelop the site. The economic development agency’s executive director, Kimberly Branam, told the Portland City Council this week that Lynd had pulled out.

The company cited the cost of reusing the remaining mill structures, environmental clean-up and waterfront development constraints as the reason the project wouldn’t come together, Branam said. Lynd and Prosper Portland officials were not immediately available for comment.

Portland bought the site in 2000 for $7.7 million, and Prosper Portland — then known as the Portland Development Commission — recommended tearing down the mill a few years later.

The Portland City Council nixed the demolition after residents objected, and the city has since spent millions tearing down pieces of the site and maintaining others.

Redevelopment would likely cost tens of millions or more, previous efforts have shown.

In 2011, a plan to build a $46 million food hall on the site fell apart, and the California developer behind the proposal sued, eventually getting nearly $700,000 in predevelopment funds and settlement money from the city.

Then, in 2015, the economic development agency walked away from a $116 million proposal from developer Jordan Schnitzer, which called for $38.5 million in public money.

In an email to the City Council, Branam said there was “considerable” response when her agency last sought proposals for site in 2017 and that it would try to reconnect with developers who had expressed interest. It said at the time it had received five letters of interest.

-- Elliot Njus

enjus@oregonian.com; 503-294-5034; @enjus

Gordon Friedman contributed to this report.

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