The Pacific Northwest College of Art has big plans for an old building downtown. The 511 Building on NW Broadway was a federal building (everything from a post office to the home for the Department of Homeland Security) since 1916. But in 2008, the feds transferred the property worth over $27 million to the art school.

Yesterday, the Portland Development Commission unanimously agreed to give PNCA $740,000 in urban renewal funds to help with their planned expansion. That's just a drop in the bucket, really: The cost of turning the historic building into a theater, new classrooms, and art resource center will run the school $26 million.

While PNCA will officially remain headquartered just a few blocks away on NW Johnson, the school says 50 of its 71 teachers will move to the 511 building.

The building itself is awesome. Portland Architecture toured it a few years ago, snapping photos of the building's great vintage details. I'll be glad to see new life in it.