1803 Fund buys grain silo + more land

The 1803 Fund announced a $70 million investment toward revitalizing Portland’s historic Albina neighborhood, long the cultural home of the city’s Black community. Formed in 2023 with a $400 million pledge from Nike co-founder Phil Knight and his wife Penny Knight, the Fund is focused on long-term economic empowerment, education, and community rebuilding.

The new purchases include more than seven acres of real estate, most notably the former grain silo site near the Moda Center—now renamed Albina Riverside. CEO Rukaiyah Adams described the acquisitions as “thousand-year investments,” emphasizing a vision of permanence and generational impact rather than short-term development.

The Fund expects early redevelopment to generate hundreds of jobs and nearly $700 million in economic activity, bringing new momentum to an area profoundly affected by displacement and decades of underinvestment.

Albina Riverside is expected to become a key gateway between the Black community and downtown Portland. Adams said the site will give future generations a sense of ownership and belonging: “Our children will grow up seeing something that’s ours—rooted, lasting, not borrowed for a season.”

The 1803 Fund also acquired several blocks in lower Albina, once known as The Low End, with plans to build a mixed-use district centered on creativity, culture, and education.

This investment builds on the Fund’s recent commitments, including $25 million each to Self Enhancement, Inc. and Albina Head Start.

With renderings set to be unveiled in December, Albina is beginning a new chapter—one grounded in restoration, opportunity, and community-led vision.