Developer says he expects 'relatively short' delay in providing down payment

Photo Credit: FILE PHOTO - The West End Building sits on 14 acres at 4101 Kruse Way.The future of Lake Oswego's West End Building remains uncertain this week after developer Nick Bunick failed to meet a Tuesday deadline for a nonrefundable $250,000 cash deposit toward the purchase of the property.

The 80,000-square-foot building sits on 14 acres at 4101 Kruse Way. Bunick's $20 million offer would have included an additional 1.3 acres adjacent to the property.

Nick BunickBunick said Wednesday that the delay in depositing funds should be "relatively short," and he asked the city to extend the deadline to Sept. 2. If that happens, he said in an email to city officials, he and his foundation, The Great Tomorrow, would double the amount of the non-refundable down payment to $500,000.

If the city does not grant the extension and opts instead to cancel the purchase agreement, Bunick said would pursue a new contract with similar terms, an immediate release of $500,000 and the same closing date — Oct. 5, 2014 — as the original.

"Our intentions and visiion for the West End Building and adjoining properties remain intact," Bunick told Redevelopment Director Brant Williams, City Manager Scott Lazenby and City Attorney David Powell.

Williams said Wednesday that the city would hold discussions with Bunick about his extension request and any other potential next steps. But any amendment to the city’s agreement with Bunick will require City Council action, Williams said, and the council does not not meet again until Sept. 2.

Bunick made his $20 million offer in April, shortly after negotiations with San Francisco-based Kensington Investment Group — which had offered $16.5 million — fell through.

It is a surprising development in Bunick’s lofty plans for the facility. Earlier this summer, he said he would use the building to house The Great Tomorrow, a nonprofit corporation that would include administrative offices for a child abuse resource organization; offices for a program to combat hunger and to provide education for children in Southeast Asia, primarily Laos; and the headquarters of a research group he’s calling the Kruseway Cancer Treatment Corporation.

In June, Michael Nobel, former chairman of the Nobel Charitable Trust and great-grand-nephew of Nobel Prize founder Alfred Nobel, accepted Bunick’s invitation to sit on the board of the Kruseway Cancer Treatment Corporation.

The former site of a Safeco Insurance office, the West End Building currently costs the city about $1.5 million a year in loan payments, maintenance and operating costs. It currently houses water partnership offices and parks and recreation activities.

Contact Saundra Sorenson at 503-636-1281 ext. 107 or This email address is being protected from spambots. You need JavaScript enabled to view it..

Go to top
Template by JoomlaShine