are expected to vote Thursday morning to begin negotiations with

. and nonprofit

to turn property at the west end of the Morrison Bridge into a 17-story high-rise and Pike Place-style market.

The decision would move forward on a decades-long desire to develop the prime waterfront real estate that has come to be known as a missing tooth in downtown's smile. Now the four blocks are home only to parking lots.

A selection committee chose Melvin Mark's proposal to buy the Morrison Bridgehead property from Multnomah County for $10 million. The bid beat

proposal to pay $8 million. The land was appraised at $8 million in 2005. The county has not released the results of a more recent appraisal.

, senior policy adviser for

said the time is right to sell the property for development because the project would create much-needed jobs and turn the property into a tax-revenue producer.

"We are expecting a lot," he said. "We want to achieve more than selling the property, we want to contribute to redevelopment of a downtown gateway and economic development."

A study released in January by

predicts that the public market would produce about $22 million a year in revenue for vendors, similar to a Safeway, and about 350 mostly part-time jobs.

More

The project -- both the office tower and market -- would cost about $120 million. ECONorthwest estimates construction would generate about 1,300 jobs and $8.3 million in tax revenues for state and local governments.

Yet while the county has high hopes, the deal is contingent upon Melvin Mark getting financing and permits. While Gerding's offer was to buy the land immediately, Melvin Mark Cos.' proposal leaves the land with the county during the three-year design, pre-construction and permitting process.

Fish said that means the county can continue to draw $260,000 a year in parking revenue, then the full purchase price. But it also means that if the project stalls or falls through -- as has happened to other waterfront projects such as the eastside Burnside Bridgehead -- the county could lose out on a sale.

"There is still a risk," Fish said. "That is a consideration the board has to wrestle with."

If the board approves the resolution, the county will launch into exclusive negotiations. Construction could begin in 2014.

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