The Port of Astoria Commission voted 4-0 in April to buy the Pier 1 Marina Building, also called the "Taggart Building."
The three-story complex is located on waterfront port property next to the West Mooring Basin.
The port's purchase will mark the third change of ownership for the commercial structure built in 2006. The building was originally developed and owned by Chuck Taggart's company, C.A. Taggart Construction, and Astoria Bay LLC - a company owned by former port commissioner Glenn Taggart.
The Taggarts owned the building until it went into foreclosure in 2008. Columbia Bank, parent-company to Bank of Astoria, held the mortgage.
The Port owns the ground on which the structure stands, but recently received contingent approval from Clatsop Community Bank for the $1.7 million loan required for the purchase of the building.
"We're happy to be working with the Port of Astoria to help them further their goals," said Steve Ferber, Clatsop Community Bank's president and CEO.
Ferber told Coast River Business Journal there are a few minor issues to be worked out between now and anticipated funding of the loan in mid-June.
The building comprises 25,000 sq. ft of commercial space. The Port of Astoria currently houses its marina offices in the building. The structure has also accommodated various additional tenants since it was completed.
The port commission vote to approve the sale was 4-0 because the fifth commissioner, Floyd Holcom, abstained from the vote. Holcom owns the Pier 39 complex in Astoria, also a commercial waterfront building.
Port Executive Director Jack Crider said the saga of the Pier 1 Marina Building has been "kind of a long ordeal with bankruptcy, foreclosure and everything."