The disused grain elevator just north of the Steel Bridge, where towering piles of old tires caught fire in 2023, has a new owner: a racial justice fund backed by Phil and Penny Knight.

1803 Fund, run by Rukaiyah Adams, former chief investment officer at the Meyer Memorial Trust, said today that it had recently spent $70 million on seven acres in Albina, including an area it calls the Low End, a swath of land south of the Fremont Bridge and west of Interstate 5.

The fund didn’t break out the price of the grain silo and declined to provide it. Public records showing the transfer of the property, filed last month, give no price.

1803 Fund began operations in 2023 when the Nike co-founder and his wife granted $400 million to invest in North Portland’s Albina, the Black neighborhood that wa

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