PORTLAND, Ore. (Sept. 24, 2024) – Portland Diamond Project is pleased to announce it has signed a Letter of Intent to purchase Zidell Yards on Portland’s South Waterfront for the future home of a Major League Baseball stadium, a significant step in bringing professional baseball to the Rose City.

The game-changing deal includes the purchase a 33-acre former shipyard on the Willamette River south of downtown Portland owned by ZRZ Real Estate, a Zidell family business. The project will now enter a 120-day due diligence period with a 42-month period to purchase.

Craig Cheek, founder and president of Portland Diamond Project, said signing the letter of intent is more than just a land purchase, it’s a chance to transform the city’s South Waterfront.

“This really is a dream come true,” said Cheek. “We’ve spent years talking about a future Major League Baseball team calling Portland home. Now we can say Portland will have professional baseball in the heart of the city, along one of Oregon’s most iconic rivers.”

Portland Mayor Ted Wheeler echoed the enthusiasm for the LOI to purchase Zidell Yards. “This is a big moment for Portland,” said Wheeler. “This is a tremendous opportunity to shape our waterfront, create new economic opportunities, and build a vibrant and sustainable neighborhood. This builds on our growing sports economy and culture, including the recent announcement of a new WNBA franchise. I’m looking forward to continuing to work with PDP on the next steps.”

Jay Zidell, president of Zidell Companies said selling the property to PDP is the right move for the family. He is looking forward to seeing Zidell Yards developed into an iconic site that will bring more people to South Waterfront.

“There have been numerous proposals over the years on what should become of Zidell Yards,” said Zidell. “I think the potential for a future professional baseball stadium is an ideal use of the land. Who wouldn’t want to watch baseball with the Willamette River as the backdrop?”

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About Portland Diamond Project

Portland Diamond Project was formed in 2017 to bring a major league baseball club to the city of Portland. Investors include NFL quarterback Russell Wilson and his wife, singer and songwriter Ciara. Portland Diamond Project’s effort is rooted in listening to business and community leaders, building great partnerships, and working together to make Portland better by bringing baseball to the Rose City. Learn more at https://portlanddiamondproject.com.