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Fishermen's Terminal Redevelopment

This project improves the long-term financial stability of the Port by developing new light industrial space and creating new jobs.

Projected Cost

$25 million

Summary

The new “Gateway” building will provide new light industrial space for complementary maritime businesses. LEED certification is targeted for the proposed building. General associated Fishermen’s Terminal facility improvements will include parking restriping, lighting upgrades, wayfinding signage, and new public interpretive displays.

Estimated Completion Date

Q3 2022

Purpose

The market for light industrial real estate is still strong. Current rents are climbing three percent per year and vacancy rates are three percent across the region. The Port has received numerous inquiries from established fishing and maritime suppliers, many of which are well established and creditworthy. Strong markets and tenant interest is offset by the possibility of recession over the next five years.

Century Agenda

  • Continue to grow the economic value of the fishing and maritime cluster including the number of local jobs and business revenue
  • Prioritize uses that support the commercial fishing industry, with a focus on anchoring the North Pacific fishing fleet

Business Plan Objectives

  • Develop new light industrial space and create new jobs
  • Generate new revenue and ensure Fishermen's Terminal economic viability
  • Advance maritime industry innovation
  • Enhance public awareness of the terminal and fishing industry
  • Modernize overall property
     
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