I'll use a real simple first order approximation and look at property taxes. The figures are online at Portlandmaps.com. The 32 condo units have a 2011 tax totaling $138,997 or an average of $4,344 per unit. That's about 10% more then the average tax paid by the rest of the non tax-exempt property owners on the block, who actually own land! To put those numbers in concrete terms, look at the map:
Who benefits from the taxes? Pretty much everyone. It is money for schools, the city, the county, and just about every other local municipal agency. Even the greasy spoon came out better off. And best of all it was accomplished without coercion, but by just staying out of the way and letting change happen. Keep that in mind the next time you hear about a development proposal.