EUGENE, Ore. — Eugene’s water and electric board is looking for a new master developer for its former operations yard now that the University of Oregon’s fundraising arm has dropped the riverfront property project.
The Register-Guard reports the university foundation board voted unanimously Monday to stop efforts to acquire the 17 acres owned by the Eugene Water &Electric Board.
Plans to turn the land into a multi-use public space are hampered by 25 loud trains that pass the area daily, a lack of parking garage and contaminated soil at the site that would cost an unknown amount to work with.
Foundation chief investment officer Jay Namyet says the foundation backed off the project after small financial risks accumulated over time.
The utility chose the university foundation over three private bidders.
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