A long-empty restaurant space inside the Ecotrust Building at 721 NW 9th Ave. is about to get a new tenant, adding to a string of commercial activity in Portland's Pearl District.

Autumn Sharp, Ecotrust's new assets operations manager, confirmed the pending lease to the NW Examiner on Thursday, Aug. 6, though she declined to name the incoming business. "We're excited, but can't talk about it yet," Sharp said.

The space sits directly across the lobby from Hot Lips Pizza, which has operated in the building since 2001 and is celebrating 25 years at the location this year. The restaurant slot has cycled through Laughing Planet, República and World Cup Coffee before going dark.

Filling it matters beyond one storefront. The Ecotrust Building, officially named the Jean Vollum Natural Capital Center, is a 70,000-square-foot restored 1890s McCracken warehouse that became the nation's first LEED Gold-certified historic renovation when it opened in 2001. Its current tenant roster includes Coldwell Banker, the Pearl Church, UTI (a new women's health clinic) and Bassetti Architects.

The lease news arrives as Portland's broader commercial market shows tentative improvement. Downtown office vacancy fell to 31.9% in the first quarter of 2026, according to the Portland Business Journal, the first decline in nearly three years. Vacancy continued to drop in the second quarter. Mayor Keith Wilson's proposed budget includes $800,000 in Prosper Portland resources for retail and restaurant storefront investments citywide.

The Pearl District specifically has seen both losses and gains. REI closed its Pearl location in 2024, citing crime and theft. But new arrivals keep coming: celebrity chef Brian Malarkey opened a 250-seat steakhouse in the neighborhood in early August.

Sharp's arrival signals a broader push to raise the building's profile. Ecotrust, founded in 1991 by Spencer B. Beebe, also owns the Redd on Salmon Street in the Central Eastside Industrial District, a food innovation hub with a 20,000-square-foot event space. As part of the organization's 35th anniversary, the Redd will host "Headwaters to Horizons," a three-part film and storytelling series about the region's rivers, on Aug. 19, Sept. 26 and Oct. 21.

Leasing at the Ecotrust Building is managed by Apex Real Estate Partners. Hot Lips, meanwhile, still offers its all-day slice-and-beer-or-cider deal for $10.50.