April 6, 2016
Palindrome Communities has acquired the New Copper Penny, a controversial nightclub at the intersection of Southeast 92nd Ave. and Foster Rd. in East Portland, OR.
Palindrome, which struck a deal with former club owner Saki Tzantarmas, plans to transform the property into Oliver Station, featuring 145 apartments and ground-floor shopping.
The sale received the stamp of approval from the Portland Development Commission, which helped finance the sale. The sales price was undisclosed. Tzantarmas and the city have been at war over a price for the structure, which sits in a neighborhood that has been undergoing slow urban renewal efforts to the tune of $103 million.
At one point, Tzantarmas family allies reportedly threatened to turn the property into a marijuana dispensary if they didn’t receive their preferred price.