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Real Estate Strategic Plan: Port Commission Study Session July 26th 2016 1 Overview I. Real Estate Plan Objectives II. Introduction to Opportunity Sites III. Site Analyses I. Terminal 90/91 II. P2 III. CEM IV. T106 V. North SeaTac VI. South 200th Street IV. Non Port Property Evaluation V. Financial Strategy VI. Next Steps Image Credit: Heartland 2 Real Estate Strategic Plan Objectives Utilize Real Estate To: 1. Support Century Agenda goals Jobs Add 100,000 jobs over 10 years Operational excellence & Sustainable Growth Grow as an international logistics hub/tourist destination/business gateway. Support small business growth and workforce development Support job creation in key port business clusters 2. Support Divisional Initiatives Maritime, cargo, aviation, cruise Portfolio and Property Level Strategies to Achieve Sustainable Growth 3 Evaluating Port Owned Properties Properties selected based on industrial development or redevelopment potential* Being Evaluated Evaluation Complete or Fully Developed Evaluation by NW Seaport Alliance Real Estate Plan Terminal 5 55-acre site (SeaTac) Shovel Ready Terminal 10 L-Shape (SeaTac) Des Moines Creek Phase 2 (Des Moines) Terminal 18 13-acre site (SeaTac) Des Moines Creek Phase 3 (SeaTac) Terminal 25 200th Street (SeaTac) NERA 2 and 3 Terminal 30 Terminal 91 Terminal 46 Terminal 91 Uplands Terminal 103 Terminal 106 Terminal 104 CEM Property Fully Developed Terminal 105 Pier 2 Manufacturing Industrial Center Terminal 107 Pier 69 Pier 66 Terminal 117 SAMP South Airport (SASA) * Does not include a few sites under 2 acres with little Fisherman's Terminal industrial development or redevelopment potential 4 Terminal 91 Area Properties Image Credit: Heartland 5 Piers 90/91 Basic Info Zoning: IG1 U/45' Heavy industrial zone 45' height limit Constraints Road Access Clearance and clear spans under the Magnolia bridge Long piers limit functionality Current Uses Warehouse/Cold Storage Cruise Terminal Fishing Vessels Industrial Manufacturing Image Credit: Heartland Using our Real Estate Assets to Achieve the Century Agenda 6 Piers 90/91 Retain Cruise Option Actions Assess cruise market growth. Analyze road access options, cost and feasibility. Select optimal site (access) for a parking garage (size). Reconfigure the cruise terminal to two levels, arrival and departure. Consider relocating other non- cruise uses to Uplands. Evaluate need for Pier 90 Image Credit: Heartland repair/modernization. Cruise Operations Have Major Impact on Terminal 91 7 Piers 90/91-Non Cruise Maritime Redevelopment Actions Evaluate sites and relocate cruise terminal. Re-purpose cruise terminal. Attract water dependent maritime companies. Evaluate options to support fishing fleet recap (larger vessels). Evaluate need for Pier 90 repair/modernization. Image Credit: Heartland 8 T91 Uplands Basic Info Total Acreage: 89 acres Usable Acreage: 45 acres Constraints Road access Poor soil conditions Infrastructure capacity Environmental Current Uses Warehouse Cold Storage Food Processing Image Credit: Heartland The Port's Largest Maritime Development Opportunity 9 T91 Uplands Maker District 50/50 Ground Lease/Build-to-Suit providing 460K-700K SF Flex Industrial Actions Focus on maritime industrial users. Relocate cruise parking to Pier 91 or short fill area. Work with stakeholders allow for the opening of the north gates. Option: Workforce housing on Tsubota Site Image Credit: Heartland Developing Light Industrial Buildings What About Housing? 10 Pier 2 & CEM Image Credit: Heartland 11 Pier 2 Basic Info Total Acreage: +/-5.5 acres Usable Acreage: +/-4.8 acres Zoning: IG-1 & IG-2 Current Use Boat and vehicle storage Jack Block Park Image Credit: Heartland Aerial of Pier 2 and Terminal 5. Photo: 2007 12 * Area estimated using Google Earth Pier 2 Actions Consider dry stack boat storage. Prepare due diligence materials to support RFP process. Present to the market in tandem with CEM to receive market response from any potential synergies. Elliott Bay Boathouse Proposal, Port of Seattle, 2015 Developing Properties Adjacent to Terminal 5 13 CEM Property Basic Info Actions Total Acreage: 25 acres Complete feasibility for Usable Acreage: ~12 acres solar farm. Zoning: IG-2/U-85' Prepare due diligence Current Use: Vacant materials to support RFP Constraints process: Presence of the Long-term landfill cap. environmental Existing truck access management plan; to site is limited. and Site configuration is Cost estimates for irregular. improved access. Image Credit: Heartland 14 T106 Basic Info Total Acreage: 31.2 acres Usable Acreage: 17.4 acres Current Bldg SF: 598,030 Zoning: IG-1 85' Potential Alternatives Ground lease redevelopment & 60k SF incubator POS redevelopment as manufacturing/logistics facility New 500k SF industrial building & 60k SF Incubator Redevelopment Actions Evaluate the costs and benefits of retaining the building foundation. Prepare due diligence materials to Image Credit: Heartland support RFP process. Existing building ready for redevelopment DOT Lease expires in 2018 15 Port of Seattle Airport Properties Des Moines SeaTac Burien Development Development Development Opportunities Opportunities Opportunities New Developments on the Horizon 16 North SeaTac Properties Image Credit: Heartland 17 55-Acre Basic Info Total Acreage: 55.7 acres Usable Acreage: 31 acres Zoning: Aviation Commercial (AVC) Current Use City Park Ground Lease on a portion of the site. Constraints Wetlands and associated buffers. Steep slopes are present on the site. Image Credit: Heartland Accommodating SAMP and Supporting New Developments and Jobs 18 13-Acre Basic Info Total Acreage: 15.6 acres Zoning: Aviation Commercial (AVC) Constraints Steep slopes are located on the site. Potential Alternatives Ground lease for Port supportive uses. Relocation of existing employee parking. Image Credit: Heartland Accomodating New Airport uses on Port Real Estate 19 L-Shaped Basic Info Total Acreage: 26.2 acres Zoning: Aviation Commercial (AVC) Current Use Raw Land Potential Alternatives Ground lease for aviation related uses. POS development of 375,000SF Air Cargo Facility. Image Credit: Heartland L-Shape or Employee Parking Lot Have Nexus to Air Cargo Operations 20 SeaTac Properties - Air Cargo Strategy Actions Prepare due diligence materials for L-Shape and NEPL site. Investigate FAA limitations on development of employee parking lot and the 16th Ave South Site. Pursue S 150th Street vacation. Prepare cost estimates for relocating employee parking. Coordinate air cargo development with current AOA operations. Image Credit: Heartland 21 North SeaTac Strategy Summary Development Alternative 375,000 SF new air cargo facility Re-locate employee parking lots 350,000 SF on remaining usable land of the 55-Acre Site on multiple sites. Site Specific Strategies 55-acre Site Ground lease for aviation supportive use. Develop new Food Innovation Center on the SW corner of the 55-acre site. 13-acre Site Relocation site for employee parking. Ground lease for aviation supportive use. 16th Ave South Site (4 acres) Relocation site for employee parking. L-Shaped Site Develop 375,000 SF class-A air cargo facility Current Employee Parking Lot (12-acre) Develop as future expansion of air cargo facility. Image Credit: Heartland 22 200th Street Basic Info Total Acreage: 47.2 acres Usable Acreage: 27.7 acres Constraints Wetlands Steep slopes Potential access issues Potential Alternatives Support SAMP impacted airport facilities. Ground lease for Port supportive uses when SR509 extension is under construction or complete. Actions Study existing infrastructure and land grading feasibility. Evaluate alternative access points. Image Credit: Heartland 23 Real Estate Acquisition Update Update Identified and scored all Industrial Sites in King County Reached out to 20+ local govt. partners for nominations of opportunity sites. Currently evaluating & prioritizing 12+ properties. Preparing financial analysis of long term acquisition opportunities. 24 Real Estate Drives Job Growth Office Manufacturing Warehouse Air Cargo Total Square Feet 62,651 654,762 2,020,075 375,000 3,111,491 / SF Per Job 180 600 1,500 712 1,000 = Direct Jobs 348 1,091 1,347 527 3,313* x Jobs 2.67 2.28 2.62 1.78 2.38* Multiplier = Total Jobs 929 2,487 3,529 938 7,883 Summary These are preliminary job estimates using existing Port real estate portfolio. Estimates do not include jobs created from non-port property development Job estimates may also be low due to warehouse development assumptions. Adding new jobs through development of Port Real Estate 25 Portfolio Strategy Lowers Financing Needs Provides strategic approach to both development and financing 26 Final Steps Timelines/Milestones March April May June July August September Kickoff Port Real Estate Analyses Non Port property evaluation Financial Strategy Finalize evaluation & strategic recommendations Summary Strategy Completed by end of September One more meeting of Real Estate Advisory Committee One more Commission briefing to share final plan and recommendations Using our Real Estate Assets to Achieve the Century Agenda 27
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