The agreement calls for a 50-year ground lease for Blocks A and C, and two extension options for Terminal 1, a mixed-use project to be developed on 10 acres along the Columbia River that could feature residential, retail, office and parking.
“This is a significant step in the development of Terminal 1,” said Port CEO Julianna Marler. “The approval of this lease moves the entire Terminal 1 project forward and demonstrates that the port is committed to creating a beautiful and thriving development.”
The project, which is expected to start in the fall and be completed by early 2024, may feature various modern and sustainable design elements, such as a Harbor Steps-inspired outdoor staircase, landscaping with native plants and elevated communal outdoor spaces to take advantage of the views of the Columbia River, according to the port.
“In addition to boosting jobs and economic development in Vancouver, this project will be built to minimize its environmental footprint with a LEED Gold-level design,” Patrick Gilligan, Executive Vice President with Lincoln Property Co. explained.
Meanwhile, other work at the Terminal 1 waterfront development is already taking place with the Spring 2022 opening of the AC Marriott Hotel and the late 2021 completion of the Vancouver Landing walkway project.
More information is available at www.discoverterminal1.com.