If you want to understand where the Salem commercial real estate market is headed, start at the corner of Northeast Front Street and the Willamette River. There, on 13 acres of dormant industrial land, a $150 million development called The Cannery is taking shape — and what happens on that site will reshape the trajectory of Salem's downtown economy for decades to come.

As a commercial broker active in the Salem and Portland markets, I follow major developments closely. The Cannery is not just a real estate story. It is a statement: Salem is no longer a secondary market. It is emerging. And this one has just gotten a major shot of momentum.

A Century of Canning — and What Comes Next

To appreciate what The Cannery represents, you have to know what stood there before. The property on Northeast Front Street was established in 1917 as King's Food Products, processing the fruits and vegetables grown across the Willamette Valley's rich farmland. In 1973, brothers Peter and David Truitt acquired the operation and built what became one of Salem's most iconic employers. At its peak, the cannery employed more than 800 seasonal workers who ran around the clock canning green beans, cherries, and pears from thousands of nearby acres.

But like many regional canneries, Truitt Brothers couldn't sustain itself against rising international competition in the early 2000s. The operation transitioned into packaged and specialty foods before ceasing production entirely in June 2019. What remained was a vacant, 13-acre waterfront site surrounded by a city that had grown up around it — and a Truitt family committed to seeing it become something meaningful.

Jordan Truitt, who grew up at the cannery and later became a commercial real estate broker, said it plainly: this land had to become something bigger and better, for families and for the community. That philosophy set the stage for what may be the most consequential mixed-use development in Salem's modern history.

The Project Gets New Legs

The Cannery was originally announced in April 2023 by local developer Trent Michels and his firm FuND — Future of Neighborhood Development. In October 2024, the city's hearings officer formally approved the land use plans, clearing a critical regulatory hurdle. Demolition of the skybridge over Front Street had already begun as an early show of commitment.

However, the complexity of a project this scale caused the original development team to stall. That changed this month. Aaron Stickney, co-founder and managing member of New Jersey-based SilverSphere Capital, is now under contract to acquire the property and move the project forward. He expects to close on or before May 15, with demolition of the main cannery building beginning shortly after. Groundbreaking is targeted for October 2026, with a two-year construction timeline.

Stickney is not new to Oregon. He developed major projects in Bend in the 1990s — including the Old Mill District shopping center — before returning to the state about a year ago. He now lives in West Linn. His conviction about Salem is direct: "Salem's going to come back and I think it just takes someone. We'll be the first and we're taking the risk to do it, and then you're going to see a dramatic change happen."

"We put a lot of money into analyzing emerging markets, and Salem came up as one of the next. We're making a stake and willing to take the risk to be the first to do something different."— Aaron Stickney, SilverSphere Capital

The Plan: Two Phases, One Transformative Vision

Unlike the original single-phase concept, Stickney's plan rolls out in two distinct phases — each substantial enough to reshape the north downtown corridor on its own.

  PHASE 1 — Ground Floor of a New Salem  

• 383 residential units
• 50,000 square feet of retail
• Six storefronts facing Front Street
• Riverfront winery, restaurant, open market, and full-service grocery store
• Historic 1914 building preserved and converted into a wine tasting room
• Two riverfront piers transformed into a food hall and a market
• Fully automated parking system — drive in, take a ticket, the system handles the rest

  PHASE 2 — Doubling Down on Salem  

• 400 additional residential units (roughly 783 total)
• Up to 60,000 more square feet of retail
• Replaces the soccer stadium idea from original plans — community feedback drove the change
• Total buildout: 110,000+ sq ft of retail/restaurant across both phases

The soccer stadium, which had been floated in earlier plans, was deliberately set aside. Stickney was candid: "We realize the community didn't want that. We're sensitive to it." That kind of responsiveness to local input is exactly the kind of developer posture that earns trust — and long-term success — in markets like Salem.

A Design Built for the Pacific Northwest

The aesthetics of the project are getting a full reset under the new team. The previous Mansard roofline design — which Stickney described as feeling more "south of France than Pacific Northwest" — is out. OTC Pacific Northwest is now working on updated renderings built around a modern farmhouse aesthetic: brick, timber, cobblestone walkways, and materials salvaged directly from the original cannery. The result is a development that will feel rooted in Salem's industrial heritage while looking unmistakably forward.

Sustainability commitments carry forward as well — geothermal systems, EV charging, a riverfront greenway path, and biophilic design elements throughout. And the parking situation deserves a moment: the project will feature a fully automated parking structure. Pull in, leave your car, take a ticket. No attendant. No valet. Your vehicle shows up when you need it. For a mid-sized Oregon city, that is a genuinely novel amenity.

Why This Is a Defining Moment for the Salem Market

From a commercial real estate perspective, The Cannery is exactly the kind of anchor project that tips a market. The north downtown corridor — currently a stretch of mostly vacant warehouses and former industrial buildings — now has a compelling reason to attract retail tenants, investors, and residents who have historically gravitated toward Portland.

Stickney himself drew the comparison that commercial real estate professionals will find meaningful: "We're at the end of Market Street, we're the bookmark. When you get there, we want it to be notable. We want people from Vancouver and Seattle coming down just to spend a day because of what we created." That is not the language of a developer building apartments. That is the language of someone building a destination.

Think about what Vancouver, Washington's Columbia Waterfront District did for Clark County real estate — turning a dormant industrial riverfront into one of the most active mixed-use corridors in the Pacific Northwest. The Cannery is positioning itself as Salem's version of that story. And with 783 total residential units, 110,000 square feet of retail, a grocery anchor, a food hall, and riverfront dining all on a single 13-acre site, the gravitational pull on the surrounding blocks will be significant.

The City of Salem has already secured grant funding to plan transportation improvements along Front Street, which currently lacks sidewalks and lane markings. Infrastructure investment following major mixed-use development is a well-documented pattern — and those improvements will accelerate the corridor's broader redevelopment potential.

"The city's dying. It just needs to be re-energized."— Aaron Stickney

The Takeaway: Pay Attention Now

The Cannery has survived a developer transition, a complex land use process, and years of anticipation. What is different today is this: committed capital, a clear two-phase buildout plan, a grounded construction timeline, and a developer who has done this before in Oregon markets that looked exactly like Salem does right now — undervalued, under-built, and on the verge.

If you are a business owner, tenant, or investor looking at Salem with fresh eyes, this is the moment. Not after the ribbon cutting. Now — while the market still reflects yesterday's perception of Salem rather than tomorrow's reality.

At Constant Commercial Real Estate, we are actively working with clients across the Salem and Portland metro markets and tracking The Cannery and surrounding corridor opportunities closely. If you want to understand how this development may affect your real estate position — whether you're a prospective tenant, an investor, or a business owner considering a move — reach out. Let's talk.