Citing both structural limitations and a golden opportunity, Oregon Ballet Theater (OBT) announced their move to the South Waterfront, vacating their SE Belmont home after fifteen years.
“The OBT has realized it’s sitting on a valuable piece of property,” said Dennis Buehler, the theater’s executive director, to The Oregonian/OregonLive in 2014. “The opportunity to sell at this point aligns with a number of strategic goals that we as an organization have.”
Buehler also noted OBT’s studio — a former Wells Fargo branch — had grown crowded over the years, with few reconfiguration options available.
Transitioning from their current address, 818 SE 6th Ave, to their new South Waterfront facility, 720 SW Bancroft, OBT’s former home is currently being purchased by Mill Creek Residential Trust, with plans to build Modera Belmont: a 200+ unit apartment building with ground floor commercial units and a 100+ space parking lot. OBT expects to move December 2015. Upon closure, OBT’s future capital needs will be met by sale proceeds.