$70 Million Investment in Portland Grain Silos: How Will This Transform the Black Community?

The 1803 Fund, an initiative dedicated to uplifting Portland’s Black community, has made headlines with its recent announcement of a remarkable $70 million investment in real estate. This includes the acquisition of the site of the former grain silos located near the Moda Center, a significant development in an area deeply rooted in the city’s cultural history.

Founded in 2023 following a generous $400 million pledge from Nike co-founder Phil Knight and his wife, Penny Knight, the 1803 Fund aims to revitalize the historically rich lower Albina neighborhood, traditionally considered the heart of Portland’s Black community. “These are thousand-year investments,” stated Rukaiyah Adams, the fund’s chief executive, emphasizing the vision behind their efforts. “We are investing in Albina not as an artifact of the past, but as a promise to the future. Our goal is to build something enduring, grounded in the people who have always called this neighborhood home.”

The recent purchases span over seven acres and encompass several blocks in lower Albina. The 1803 Fund anticipates that the initial phases of redeveloping these properties could create hundreds of jobs and generate nearly $700 million in economic impact, offering a significant boost to the community. Mayor Keith Wilson echoed this sentiment, calling the investment a “momentous” step that brings “new life and new opportunity to one of Portland’s most important neighborhoods.”

The former grain silos, now referred to as Albina Riverside, are expected to serve as a gateway connecting the Black community to downtown Portland. According to Rukaiyah Adams, this development aims to help residents perceive their place within the city’s narrative. “They’ll see their city from the east side of the river and realize they’ve always been—and always will be—part of its story,” she said. “When they stand here, they’ll feel their power and potential, knowing they can build, lead, and make remarkable things real. Our children will grow up seeing something that’s ours: rooted, lasting, not borrowed for a season.”

In addition to the silos, the 1803 Fund has targeted real estate south of the Fremont Bridge and west of Interstate 5, an area historically known as “The Low End.” Plans for this site include creating a mixed-use neighborhood that emphasizes culture, creativity, and education. This aligns with the organization’s broader vision of fostering a sense of community and belonging in a space that has long been pivotal to Portland’s Black residents.

U.S. Senator Ron Wyden expressed enthusiasm about the fund’s efforts, describing it as a “transformational investment” that reflects the kind of leadership necessary for sustainable economic growth. “This great news from the 1803 Fund will write a new, exciting, and significant chapter for Portland to keep our communities growing,” he stated.

The 1803 Fund's commitment to supporting the community goes beyond real estate. In April, it announced plans to invest $25 million each over the next decade in Self Enhancement Inc. and Albina Head Start, two vital Portland nonprofits dedicated to serving Black youth. The fund also awarded $8 million in grants to various organizations in the Albina neighborhood in the previous year.

Named after the year Lewis and Clark commenced their historic expedition across North America, the 1803 Fund carries a symbolic weight rooted in history. The journey included a man named York, who was enslaved by Clark and promised freedom after the expedition. While York survived the journey, he never received his freedom, a poignant reminder of the deep-seated issues that the 1803 Fund seeks to address in its mission.

Further details about the new real estate developments will be unveiled at a press conference planned for December, where renderings are expected to provide a glimpse into the future of the lower Albina neighborhood.