Port of Vancouver

PORT OF VANCOUVER COMMISSIONERS APPROVE LEASE TRANSFER AT TERMINAL 1

Lease transfer signifies progress for the T1 project

On Tuesday, March 8, 2022, the Port of Vancouver USA Board of Commissioners approved the transfer of a ground lease agreement for Lots 1 and 2 in a mixed-use development at Terminal 1. The lease, which was held by Columbia Waterfront LLC was transferred to Lincoln Property Company, currently developing other parcels at Terminal 1, which is the port’s 10-acre waterfront development along the Columbia River.

Columbia Waterfront LLC, which held the lease on Lots 1 and 2 since June 2007, has developed several blocks at the Vancouver Waterfront, including residential units above ground floor commercial businesses.

Lincoln Property Company signed a 50-year lease in 2021 for Blocks A and C in the Terminal 1 development. The buildings on those parcels will include commercial spaces and offices, including headquarters for Vancouver business ZoomInfo, which will move to the waterfront in 2025. Their development plans for Lots 1 and 2 include a mix of ground floor retail, multilevel parking, residential and office spaces.

As part of the new leases with LPC, the port was able to incorporate design requirements to include a LEED Gold building certification, bird safe designs, EV charging stations, light pollution reduction to minimize disturbance to aquatic life in the river, and infrastructure to provide for energy upgrades such as solar and all electrical pathways.

“We are excited with the progress being made at Terminal Continued on page 14

close to 100 fender piles each along Pier 1 West and Pier 2 East need to be replaced at an estimated cost of $8,250 per pile. Historically, the Port has replaced no more than 25 piles per year; consistent with this realistic approach, the Port intends to do this project in phases until all damaged piles are replaced.

Additionally, 27 guide piles at the West Basin Marina were removed and replaced. In a cost-saving effort, the Port originally installed three hundred 9-inch (diameter) piles for the docks and floats within the West Basin, despite the design for 12.75-inch piles. These undersized piles are now failing at an accelerated rate, and the Port will remedy this issue by replacing approximately 115 guide piles over the next four years. 1,” said Julianna Marler, CEO of the Port of Vancouver. “Once developed, these two parcels will integrate seamlessly with existing and future spaces in the Vancouver waterfront, creating a beautiful spot along the Columbia River to work, live and play.”

For more information about the Terminal 1 Waterfront development project, please visit www.discoverterminal1.com.

The old Red Lion Hotel at the Quay is being demolished to make way for a new development on the Vancouver waterfront.

The hotel, which opened in 1960, has been closed about seven years, and a restaurant and meeting halls in the building closed more recently. The demolition is going to make way for a major part of the Port of Vancouver’s Terminal One project.