PORTLAND, OR (KPTV) - The Portland Diamond Project has signed an “agreement in principle” to develop the Port of Portland’s Terminal 2 property into a baseball stadium.

The group that has been working to bring Major League Baseball to the Rose City made the announcement Thursday.

+8 Portland Diamond Project stadium renderings The Portland Diamond Project has signed an agreement in principle to develop the Port of Portland’s Terminal 2 property into a baseball stadium.

“This letter of intent with the Port kicks off a collaborative process with the City of Portland, and local communities, to create a Major League Baseball ballpark and community destination,” according to a Portland Diamond Project statement.

Terminal 2 has 45 acres of property along the Willamette River, with more than 2,000 linear feet of waterfront area. The site is located on Northwest Front Avenue, just north of the Pearl District and Slabtown.

Businesses nearby like the Party Place are curious of what the future holds.

“I’m excited and nervous," Manager Chris Manning said. "Excited because as a rental business it is probably going to be great for us, the increase traffic though is a big concern, we don’t know with public transportation what is all going to be coming down here."

Financial details of the agreement were not immediately released.

“Building an iconic, state-of-the-art ballpark along the Willamette River will catalyze economic development and capture great views of both the urban scale of the city and regional character of the Pacific Northwest.” -Portland Diamond Project Founder and President Craig Cheek. pic.twitter.com/neynlPfoOc — Portland Diamond Project (@PDXDiamondProj) November 29, 2018

Earlier in the year, the Portland Diamond Project had identified four sites as being under consideration for a possible new baseball stadium, including Terminal 2. The group made an $80 million offer to buy Portland Public School’s Blanchard Education Services Center, but later retracted that offer. The school district said it was an “unsolicited offer”

The Portland Diamond Project is led by former Nike executive Craig Cheek, former Trail Blazers broadcaster Mike Barrett, Seattle Seahawks quarterback Russell Wilson and Grammy-winning singer Ciara Wilson. Advisors include MLB free agent Darwin Barney, former MVP Dale Murphy and former baseball scout Larry D’Amato.

“We are extremely excited about this property and working with the port has been a pleasure it really has," Portland Diamond Project Spokesperson John McIsaac said.

Portland Mayor Ted Wheeler tweeted his support for the project Thursday.

Baseball has a rich tradition in Portland. A ballpark along the nw bank of the Willamette River would have a positive impact on our economy while shaping the next great PDX neighborhood. I look forward to working w/@PDXDiamondProj + the Port In moving this initiative forward. https://t.co/EisawdkF1r — Mayor Ted Wheeler (@tedwheeler) November 29, 2018

The Portland Diamond Project says the plan right now is to have first pitch ready to go by 2022.

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