7e supp
Item No. 7e_supp Date of Meeting March 8, 2016 Real Estate Strategic Plan Commission Briefing March 8th 2016 1 Real Estate Drives Dramatic Growth What are the bold, creative, and visionary ideas for the Port's real estate portfolio that also align with the Century Agenda and the long-range plan? What types of Port real estate investments will be most effective in facilitating dramatic growth throughout King County? How can we use our statutory powers to help create and retain middle class jobs? Creating Middle Class Jobs Through Land Development Activities 2 Leverage Port Real Estate 1. Support Century Agenda goals New Middle Class Jobs - 100,000 jobs by 2025 Grow as an international logistics hub/tourist destination/business gateway. Support small business growth and workforce development Leadership in energy efficiency & environmental design 2. Support Divisional Initiatives Maritime, Cargo, Aviation, and Economic Development Portfolio and Property Level Strategies to Achieve Dramatic Growth 3 Developing the Visionary Actionable Plan Port Leadership External Advisory Committee Dave McFadden, Managing Director, Finance Economic Development Real Estate Jeffrey Utterback, Director, Real Estate Puget Sound Regional Council Port Real Estate Team (PRET) City of Seattle Al Royal (real estate) King County Stephanie Jones-Stebbins Local Government (environmental) Dave Soike (airport) Consulting Team Eric Hansen (T91 and Seaport Alliance) Melinda Miller (non-airport assets) Mike McLaughlin (cruise) Kelly Zupan (finance) Internal and External Stakeholders Will Guide the Plan 4 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 Terminal 2 Manufacturing Industrial Center Terminal 107 Harbor Corporate Marine Center (90% occupied) Terminal 108 SAMP Terminal 115 South Airport (SASA) Terminal 117 Fisherman's Terminal * Does not include a few sites under 2 acres with little industrial development or redevelopment potential How Can Port Properties Advance the Century Agenda? 5 Port Owned Property Strategy 6 Evaluating Properties for the Future Identify non-Port properties that have the potential to advance the Century Agenda objectives. Use a variety of evaluative criteria to determine which properties present the best options for land banking: Comp Plan and Zoning Infrastructure Transportation Access Current & Adjacent uses Identify Properties That Can Support Jobs & Private Investment 7 Identify & Prioritize Land Bank Opportunities 8 Real Estate Drives Economic Opportunity The Real Estate Strategic Plan will provide a property and portfolio level roadmap for utilizing real estate assets to achieve the Century Agenda objectives. Leverage Real Estate Assets to Achieve the Century Agenda 9 Next Steps Internal Meetings Monthly with PRET Three External Advisory/Steering Committee Meetings Three Focus Groups with public and private stakeholder groups in various locations around King County Three Port Commission briefings (including today) Working with Public and Private Partners to Steward Our Collective Capabilities 10
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