Deal goes ahead as planned, despite COVID-19; benefits Common School Fund
PORTLAND, Ore. (KTVZ) - The Oregon Department of State Lands, on behalf of the Common School Fund, has closed its $22 million sale of the 382-acre Stevens Road tract in southeast Bend, the real estate firm Cushman & Wakefield announced Monday.
Under the deal announced last spring, the property is designated for development to a mix of residential, commercial, and industrial land uses under the city of Bend's comprehensive plan, according to the brokers, whose news release continues below:
The buyer, Lands Bend Corp., is processing a master plan consistent with the City of Bend Comprehensive Plan. The transaction closed as scheduled on Nov. 19, despite the disruption of the pandemic, the parties said.
Gary Miller, president of Lands Bend Corp., said, “Stevens Ranch will provide, in addition to Parks and Schools, much needed housing, commercial centers and industrial opportunities. Bend is undoubtedly the finest city in the state, and Stevens Ranch, one of the largest master plan communities in the Pacific Northwest, will strive to meet the expectations of the community.”
Vicki Walker, director of the Oregon Department of State Lands, said, “Sale of these school lands benefits Oregon tremendously. Sale proceeds are going to the Common School Fund, which sends millions to Oregon’s public-school districts every year. Development of the property also helps meet Bend’s growing housing needs.”
“The Stevens Road Tract is situated in a highly desired central Oregon location and at just over 382 acres, this expansive site created the opportunity for the development of a substantial residential community with supporting commercial uses,” said Matt Johnson, executive director of Cushman & Wakefield.
“The local area boasts an attractive place to live and work, with many public parks and trails, and that infrastructure will be further enhanced to include new schools and public parks, by the buyer’s plans for the site,” he said.
Located at 21425 Stevens Road. the site is located adjacent to 27th St and Reed Market Rd, major arterial streets serving this part of Bend. Highways 20 and 97 are both conveniently located within a few miles, with downtown Bend also closely proximate.
Approximately 369.9 acres of the site offering are zoned Urbanizable Area (UA) and will need to be annexed into the city as part of the project, while 12.15 acres are already within the city boundary and designated as Standard Density Residential (SDR).
Matt Davis, director with Cushman & Wakefield, said, “The exciting master plan for this site looks to fulfill the city’s vision for this portion of Southeast Bend and include much needed, attainably priced housing, which we believe will be a welcomed use, to help (meet) demand for new housing in the area. In-migration has been the primary factor in the area’s growth, with thousands of people moving to the region every year.”
The tract is currently surrounded by residential land uses to the north and west, rural undeveloped land to the east and Deschutes County's Road Department facilities to the south.
With a population of over 100,000 people, Bend is the largest urban area in Oregon east of the Cascade Mountains and the state’s sixth=largest city. Bend ranked as the second-fastest growing city in the U.S. in a recent 2020 report from WalletHub analyzing a variety of data points between 2013 and 2019. Bend also tied for first for the highest job growth over the same period.
Bend serves as a regional service and trade center for Central Oregon. More than two-thirds of all the jobs in the county are in Bend, and many companies are continuing to move their businesses to the Bend area.