10-Year Phased Development Business Plan
Create an 18-acre mixed-use river-adjacent district that combines housing, retail, entertainment, hospitality, work space and community amenities into a walkable neighborhood destination for West Salem.
The district will be developed through a phased strategy that minimizes upfront risk, creates early value, generates interim cash flow, and maximizes long-term Opportunity Zone investment returns.
An incrementally phased district anchored by an innovation and residential catalyst, expanding into family neighborhoods, a sports & entertainment destination, and river-adjacent value creation.
In Salem, Oregon — the under-appreciated and growing capital — Now City is catalyzing the transformation of an aging light-industrial corridor into a high-density, mixed-use innovation and entertainment district. The City has already rezoned the area to support this shift, creating a rare window where land use, policy, and market momentum are aligned.
Market context drawn from the Now City West Salem Confidential Investment Summary (May 2026).
The project begins with securing a Letter of Intent (LOI) with Mark May for the 5.29-acre catalyst parcel.
The LOI establishes a framework whereby Mark May agrees to contribute the land into a future joint venture development entity, subject to the successful completion of due diligence and capitalization of the project.
Land contribution becomes effective upon:
Rather than acquiring all parcels immediately, Now City will first secure site control, complete due diligence, and entitle the district. This approach reduces risk while preserving flexibility across multiple financing and acquisition pathways.
A lease-to-own adaptive reuse layer sits inside Phase 0 rather than competing with the 10-year plan. The 300 Patterson Middle Property and 400 Patterson Bow Truss Buildings can create immediate operating identity, tenant demand, community support, and revenue while the Mark May JV and long-term ground-up phases proceed.
Objective: Secure control of the full district while minimizing acquisition capital requirements and preserving flexibility.
Mark May Property
Catalyst Development Site — 740 Bassett St NW
300 Patterson NW
Blackburn site #1 — 300 Patterson St NW
400 Patterson NW
Blackburn site #2 — 400 Patterson St NW
809 Edgewater St NW
Blackburn site #3
For the 300 and 400 Patterson buildings, add code consultant review for occupancy changes, fire/life-safety upgrades, seismic/structural review of the bow truss buildings, MEP and sprinkler capacity, parking/circulation, environmental conditions, existing leases, and cost-to-activate versus cost-to-convert.
West Salem Works — the lease-to-own adaptive reuse activation layer — is imagined as the operating prototype for the full district, not a separate project.
Prior to redevelopment:
Existing buildings may be repurposed for:
Interim adaptive reuse for AI, arts, coworking, construction technology, mobility technology, maker suites, light production, labs, food/beverage, events, and community programming.
Sports, wellness, indoor recreation, creative workspace, maker/live-work prototype, events, and community athletic programming. Any true residential live-work conversion should remain subject to code, cost, and demand validation.
576 Patterson is currently understood as lease-only and is not part of the acquisition plan at this stage. It may still support district activation through its built-out but currently vacant brewery facility and existing CrossFit gym.
The district today — industrial buildings, big spans, and good bones along the Wallace Road corridor.
The initial plan is a lease-to-own structure for the 400 Patterson bow-truss warehouse campus — creating immediate income and proving district demand before full redevelopment.
Live-work loft concept references
We imagine 809 Edgewater and parts of 300 Patterson as an Arts District — galleries, studios, markets, and evening programming that bring people to the riverfront early, build cultural identity, and seed demand for the district's later phases while preserving 809 Edgewater for its highest and best long-term use.
Potential partners:
Benefits:
Applicable primarily to residential phases. Benefits:
Combination of:
This is likely the most flexible and resilient capital structure.
District growth vehicle (Investment Summary):
West Salem 18.5-acre financial projections — Confidential Investment Summary, May 2026
Mark May Parcel · 740 Bassett St NW · 5.29 Acres
Use operating data, tenant demand, event attendance, sports/wellness utilization, and tenant waitlists from West Salem Works to support Phase 1 financing, leasing, residential absorption, and public-sector confidence.
Ground-floor townhouse units become a signature housing product throughout the district, with multifamily apartments located above.
Features
Benefits
Blackburn Parcel #1 · 300 Patterson St NW · 6.50 Acres
Development begins as Phase 1 approaches stabilization.
Phase 2 should be informed by measured demand from Phase 0B and Phase 1, including tenant waitlists, live-work interest, daycare/clinic demand, food and retail sales, and family-oriented public realm usage.
Blackburn Parcel #2 · 400 Patterson St NW · 6.50 Acres
Developed after residential critical mass has been achieved.
De-risk the permanent sports and recreation facility by piloting pickleball, padel, fitness, wellness, indoor recreation, youth sports, events, and tournaments in the 400 Patterson Bow Truss Buildings during Phase 0B.
Blackburn Parcel #3 · 809 Edgewater St NW · 3.9 Acres
Developed after district critical mass has been achieved. Program: to be determined.
Phase 0B activation should track occupied adaptive reuse square footage, operating revenue, event attendance, memberships, court utilization, tenant waitlists, community partners, and letters of intent from future retail, sports, wellness, and innovation operators.
AI-native development, advanced modeling, data intelligence, automation, and modern delivery methods reduce design friction, compress timelines, lower soft costs, and provide the reporting backbone institutional capital now requires.
Wellness, prosperity, and ecology data-driven community design.
Modern methods that reduce cost, shorten schedules & minimize waste.
Integrated energy, water & mobility systems that cut OpEx & boost resilience.
Stacked incentives + carbon & brand capital to enhance returns.
Underwriting reflects a conservative base case. In pre-development, these strategies are activated to improve returns for GPs and LPs, deliver superior outcomes for residents and stakeholders, and position the district to attract corporate partners and long-term owner-operators such as pension funds.
Following stabilization of all three phases:
Sell the completed mixed-use district to an institutional investor.
Refinance and maintain ownership as a long-term income-producing asset.
Sell individual components separately: residential, innovation district, hotel, sports & entertainment district.
The project is structured to align with a 10-year Opportunity Zone investment horizon while creating a replicable Now City model for future communities.
A fully stabilized river-adjacent district that combines housing, retail, entertainment, hospitality, work space and community amenities while maximizing long-term value for landowners, investors, residents, and the broader West Salem community.
A place that people love.
Now City operates as a district strategy and systems integrator, supported by a growing bench of development, construction, infrastructure, and operating partners. This model allows Phase 1 and early district phases to be executed by experienced local and regional teams with direct market knowledge, while Now City maintains continuity of vision, performance standards, and long-term district control. As the platform scales, execution capacity scales with it — through joint ventures, operating partnerships, and institutional collaborators aligned with district-level outcomes.
Erik is a systems thinker focused on aligning capital, design, and operations into development that is financially viable, operationally sound, and grounded in care. He brings 30 years of property operations and 20 years in technology, business development, and startup leadership.
Ritchie leads design, development, and operations. B.Architecture from Carnegie Mellon, MS in Architecture and Urban Design from Columbia, MBA candidate at Johns Hopkins. Previously a mobility planner at Lyft in New York, where he led bike-share expansion, and later supported capital raise and development of a 1,000-unit multifamily mixed-use project in NYC.
Brianna is a securities and real-estate attorney and Managing Partner of Keiretsu Law. Her practice spans equity and debt securities offerings, fund formation, and innovative financing structures. Her background in public finance is a particular advantage for navigating public-private partnerships and municipal finance.
We work with senior advisors whose expertise is directly load-bearing for the work.
Michael is an economist, attorney, and one of the architects of the 2012 JOBS Act. Adjunct Professor at Bard Business School and author of Put Your Money Where Your Life Is, The Local Economy Solution, and others. He advises Now City on community-rooted ownership, local capital formation, and finance models that keep wealth in place.
Neal, FAIA, FCNU, directs the western U.S. urban and architectural design practice at Torti Gallas. His work focuses on master plans, form-based codes, and the public realm — especially the revitalization of declining urban centers, brownfields, and aging suburbs. He advises Now City on urbanism, master planning, and entitlement strategy.
