This project improves the long-term financial stability of the Port by creating the infrastructure to support new jobs, generate new revenue, and advance maritime innovation.
Develop 100,000 square feet of light industrial space and associated site infrastructure improvement including, but not necessarily limited to: paving, water, sanitary sewers, storm sewers, lighting, electrical power, natural gas, communications, and landscaping.
Estimated completion date
- The market for light industrial real estate is still strong
- Will support fishing/maritime manufacturers and suppliers
- Almost no new light industrial development in Ballard Interbay MIC since early 1970s
- Rising gentrification, low vacancy rates driving rents to all-time highs
- Rents increased by 5.2 percent over 2018
- The vacancy rate is 1.9 percent
- The new facilities will support fishing and maritime supply chain companies needing to expand within the Ballard/Interbay Manufacturing Industrial Center
- The Port has received strong interest from expanding fishing equipment manufacturers and maritime manufacturing companies who want to locate new facilities close to the fishing fleet and maritime supply chain
- The new space will be part of the Port's maritime innovation center where companies will collaborate to grow and modernize operations
Business plan objectives
- Support new jobs
- Generate new revenue
- Advance maritime innovation