The Waterfront offers beautiful views of the Willamette River and on clear days Mt. Hood and Mt. St. Helen's. Its a great place to go for a run, rent a boat or water jets/skis, people watch, catch impromptu entertainment, go to the always interesting Saturday Market (on Sundays, too), or attend one of the many festivals offered throughout the spring, summer, and fall. It is easy access with public transportation and several of the infamous Portland bridges offering walking and biking lanes.
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