UO Foundation no longer purchasing waterfront property
According to KEZI, the University of Oregon Foundation is ending negotiations to purchase waterfront property with Eugene Water and Electric Board. The project was estimated to cost the UO Foundation between $200 and $250 million.
Though the UO is no longer funding the project, the city of Eugene plans to develop a park on the property. The EWEB announced that although they are disappointed with the decision, they “remain optimistic.”
University of Oregon Foundation chief investment officer Jay Namyet released a statement saying the foundation “identified known risks that will take years to resolve,” resulting in the ending of the negotiations.
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