Ports of Seattle, Tacoma finalizing deal for major terminal renovation
Author: Chris Daniels
Published: 11:00 AM PST February 5, 2019
Updated: 3:48 PM PST February 5, 2019
The Port of Seattle and Port of Tacoma are close to finalizing a nearly half billion-dollar plan to renovate West Seattle’s Terminal 5 and shift existing containers to other terminals in the meantime. It would likely mean significant changes at Terminal 46 near the stadium district.
It’s an ambitious proposal that is the result of years of work and comes after the Port of Seattle quietly approved a property tax increase last month to help subsidize some of the cost.
“It is a really significant investment,” said Port of Seattle Commission President Stephanie Bowman while she discussed the plan that will be fully unveiled at an 11:30 a.m. meeting of the Northwest Seaport Alliance.
The Alliance was created in 2015 to jointly handle maritime activities and investments.
The ports will spend $340 million for phase 1 of the redevelopment of Terminal 5 for the world’s biggest container ships. Stevedoring Services of America Terminals (SSAT) and Terminal International Limited (TIL Group), are expected to chip in $140 million and sign a 32-year lease to operate the terminal. If the deal is approved, construction could begin this spring, with Phase 1 scheduled to be completed by 2021.
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