10/31/2007 Linfield signs option to lease property
McMINNVILLE – Linfield College and Trammell Crow Company have signed an agreement granting Trammel Crow Company an option to lease 48.9 acres of property in south McMinnville for commercial development.
The option to lease gives Trammel Crow the opportunity to seek tenants who could bring significant shopping opportunities to McMinnville and the surrounding area, according to Thomas L. Hellie, Linfield president. It could also enhance the college's endowment, thus increasing funds available for student scholarships and faculty support.
Trammell Crow Company, based in Dallas, Texas, with local offices in Lake Oswego, is one of the nation’s leading developers and investors in real estate. The tract of land is located next to the McMinnville Market Center, along Highway 99W in south McMinnville. Linfield acquired this property from Hewlett-Packard in purchase/gift agreements in the late 1990s and early 2000.
Part of the property is currently zoned commercial and part is residential. An application to rezone the undeveloped residential land to commercial has been filed with McMinnville Planning Commission. Linfield believes that working with the city on this rezoning will provide the commercial land McMinnville needs to meet its shopping needs in a way that best fits the community’s future.
"Trammell Crow is a premier commercial development firm," Hellie said. "We look forward to working with the city of McMinnville and Trammell Crow to develop a first-class shopping center."