Council accepts new bid on 665 Peace Portal Drive

Blaine City Council approved the purchase and sale agreement of a vacant downtown property to Bosporus Property Inc. during council’s June 14 meeting. Bosporus bid the $300,000 asking price for the building at 665 Peace Portal Drive.

The city of Blaine spent $283,000 with expenses related to demolishing the derelict building between Tony’s Just A Bite and Blaine Bouquets in 2019. With no civic use for the property, the city determined it surplus and put it on the market with local real estate agent Ron Freeman last July. City council approved a $325,000 offer from Nimbus Properties LLC last summer. Nimbus Properties LLC completed a feasibility assessment but rescinded the offer May 19.

Blaine city manager Michael Jones had the property listed again. Along with the $300,000 asking price, in both 2020 and 2021, the city encouraged rapid development with two 6-percent rebates if the buyer quickly submitted a building permit application and occupancy permit. 

Bosporus included the two 6-percent rebates to its offer. The first rebate will be awarded when Bosporus submits a building permit application for a zoning compliant mixed-use building within six months of the closing date and the second rebate will be awarded when the city building official issues a temporary of final occupancy permit, according to a memo to city council.

The closing date will be no later than 30 days following its waiver of feasibility contingency, which is 60 days, according to the memo.

In addition to Bosporus’ offer submitted to the city June 10, the city also received a $270,000 offer from Sall LLC that included a one-time 12-percent rebate and a proposed July 9, 2021 closing date. Sall LLC also bid on the property in 2020.

J Hugh Wiebe, with Bosporus Property Inc, said the company is still deciding what it would like to do with the property but would like for it to be a mixed-use property. Wiebe, who is listed as owning Bosporus with several other people, also owns the Harbor Side Apartments in Blaine and founded a natural food company. The natural food company Creations Foods, formerly known as Bioplex Nutrition, employs 100 people and has two factories on Odell Road.

Wiebe said he’s lived in the Pacific Northwest his entire life and has interest in developing Blaine.