Candace BarnettePortland State University (PSU) is bringing Broadway to downtown with a $155 million, 1,200-seat performing arts center that seeks to transform the city’s cultural landscape. The university announced earlier this month it had secured $155 million in funding for the project, with $137.5 million coming from state bonds approved by the Oregon Legislature.
The project is part of a two-pronged approach to improving Portland’s performing arts scene that will also include significant renovations to the existing Keller Auditorium.
The city plans to create two Broadway-capable venues, further positioning Portland as a cultural destination.
The funding primarily comes from Senate Bill 5505, in which the Oregon Legislature approved $137.5 million in state bonds. An additional $7.6 million comes from Prosper Portland along with $10.5 million in philanthropic pledges.
Out of the $137.5 million in bonds, $85 million will be in the form of Article XI-G bonds for the construction of the theater itself, which includes an academic space. The other $52.5 million will be Article XI-F(1) bonds, used to develop on-site parking infrastructure.
The PSU theater is expected to open in 2030 and serve as a temporary home for Broadway and opera performances while the Keller is under construction. It will be built on a 4.25-acre parcel at the current University Place Hotel property and is strategically positioned to connect with existing MAX light rail and Portland streetcar lines.
Renovations to the Keller Auditorium are expected to take around five years, with reopening planned for 2031. This sequencing has been carefully planned by city officials to minimize disruption to the city’s performing arts schedule. The Keller will remain under city ownership throughout the process.
The Keller Auditorium, which has served as Portland’s primary venue for Broadway productions since 1917, has not undergone significant upgrades since the 1960s and faces critical structural issues. The facility currently hosts traveling Broadway shows, the Portland Opera and Oregon Ballet Theatre, but seismic studies have identified safety concerns that necessitate comprehensive renovation work.
City officials are conducting a market feasibility study to guide future venue development and determine optimal capacity and programming for both facilities. The combined investment in both venues represents one of Portland’s largest cultural infrastructure projects, with the total cost projected at about $850 million.
PSU has also indicated plans for potential private development of hotel and conference facilities adjacent to the performing arts center, though those partnerships remain under discussion.
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