Bill returned again to Portland in 1952 to join his brother Sam Naito in running their family-owned import business, which in 1958 was incorporated as Norcrest China Company. In 1962, they purchased a decaying former hotel (the historic Globe Hotel) in what was then known as downtown Portland's "
Skid Road" district, now Old Town, and converted it into a retail store named Import Plaza. The risky move proved a success, as the store thrived, and inspired the Naito brothers to acquire several other vacant or neglected historic buildings in downtown over the next several years and renovate them at a time when most other developers were shifting their focus to the suburbs and abandoning downtown. and one way he publicized the name was by having it painted in large letters on the side of a water tower atop the building Norcrest China occupied, the White Stag building. The name
Old Town is now in widespread use for the district at the northeast end of downtown. Headed by Bill and Sam Naito, Norcrest China Company became even more a property development company than a
retailing enterprise, but remained both, with Bill focused on the former and Sam on the latter. In a 1979 article,
The Oregonian newspaper wrote that the "former Merchants Hotel in Old Town went from virtually abandoned building to cornerstone of Old Town business district, thanks to vision of Bill and Sam Naito." One of their highest-profile such investments came in 1975, when they purchased the
Olds, Wortman & King building, a six-story former
Rhodes department store, occupying a full downtown block, which had closed the year before. They restored the 1910 building and converted it into an indoor shopping arcade for dozens of small stores and restaurants—downtown Portland's first
shopping mall At the same time, Bill Naito worked to convince others of his vision that
downtown Portland could become a thriving, attractive place, if given attention and investment. In addition to private property development, he believed that investment in public amenities was also a key part of that equation. He was a strong proponent of building a
light rail system in Portland when proposed in the 1970s—the
MAX system which opened in 1986 and has expanded since—as well as other
public transit investments in downtown, including the
Portland Transit Mall,
Fareless Square,
Portland Vintage Trolley, and the
Portland Streetcar. He led a successful effort to plant more than 10,000 trees in the city, He was co-founder and chairman of Artquake, an annual arts festival held in downtown from the 1980s until 1995. (and thereby preserved), which came to fruition in 1987. Bill and Sam Naito were jointly honored with the "First Citizen" award for 1982 by the Portland Association of Realtors. == Support for streetcars ==