740 Bassett St NW Salem, OR 97304

This flat, rectangular site is suitable for redevelopment under the current MU-III zoning, which encourages infill development and redevelopment in mixed-use corridors and promotes pedestrian access. The zoning generally allows a variety of retail, office, commercial services, and multiple-family residential uses. The city has recently completed 2nd Street, connecting Wallace Road to the site’s southern boundary, including pedestrian connections and landscaping. The West Salem trade area is underserved for its growing population, and sample site plans show options for multi-family, retail, office, and hospitality developments. With four universities within a 25-mile radius and over 40,000 vehicles per day in front of the site, it is ready for new life. The existing underground structure provides space for an estimated 50 vehicles, allowing for on-grade maximization. Located within the West Salem Urban Renewal Area, the property offers the opportunity to leverage city grant funds to enhance project viability. The current maximum grant amount is $300,000, but the urban renewal agency will consider exceptions based on need and impact on the community.