ASTORIA, Ore. (AP) — The real estate market may be nosediving, but the Port of Astoria is considering a major commercial purchase with the approval of community leaders.

The port may buy North Tongue Point, a 40-acre industrial site on the Columbia River that includes five finger piers, 140,000 square feet of warehouse space and a rail line.

The Washington Group of Missoula, Montana, is the owner of the property, and is asking $7.2 million for the site.

But port officials say the company has agreed to sell the property for less — although how much less is a secret under a confidentiality agreement with the Washington Group.

Former Port of Astoria commissioner Al Rissman attended a meeting last week with about a dozen community leaders, and he says they support the purchase.