This 1927 photo, taken from the Burnside Bridge, shows Bates Dock, just south of the Bridge. This construction was part of the sewer and seawall construction. The work in the immediate foreground will become the pumping station, and the buildings just beyond line Front Street; what you see here is the backs of the buildings. The pumping station and buildings can be seen in this aerial photo. Also see this photo of the same construction project.
The Spalding Building at SW 3rd and Washington can be seen in the distance at left (behind the water tank), and the Multnomah Hotel can be seen in the distance on the right.