6a 2 Supp
ITEM NO: ___6a-2 supp____ DATE OF MEETING:___8/4/2009_____ Central Waterfront Development Project A Look Back as It Relates to the Century Agenda 500170" "WI/mes - Shilshole Bay Marina Lake Mix/lington Container Terminals Cargo & Ship Canal .. Cruise Terminals @ - . Fishermen s Lake Terminal Harbor Senices Union ' I ['5 - Maritime Industrial Center Bell Street Pier Publit Access Points . World Trade Center . . Balmer Rail - (Pier 66) ' Yard (BNSF) . . Pier 48 > .i '. ' ' Sea/mwks Terminal 91 -' I. .' Downtown ' Stadium Pier69" A A. j .' 1-90 Port Headquarters ' Bell Harbor Marina ....... SAFECO Field - Terminal 46 I Elliot! Bay .Terminal30 . SIG Intermodal Rail Yard Terminal l8 - (BNSF) Kent Valley I5 miles A A Terminal 106 , ARGO ' Intermodal Rail Yard Terminal 2 ' (UP) -' Jim Clark'. .. - Terminal 5 ' A. ' Terminal 108 ' Marina . Harbor ' Puget Sound ' Island -. Sea-Tac Terminal 103' Marina _'A SR' 99 10 Airport ' A a Terminal 102 .' IO miles 5 k "m""a' "'7" Port of Seattle Seaport Facilities .. _ ' AN Terminal 115 - @ Relic/Sam!!! 2 . - M _' .\ r " ' \'\' " e'! of" "t \'2': u" 3 4 5 Project Background Property acquisitions began in late 1980's Planning started 1990 Port would build the pierside elements, including cruise terminal the upland sites would be sold and developed by the private sector. RFP for upland development issued In 1994, the Port decided to break up the uplands. Residential and hotel sites were sold, WTCW and Garage developed Pierside opened 1995 In 1997, the Port added the WTC-North garage. Final project element (hotel) completed in 2001 Funded through tax levy, G.O. Bonds, grants, general fund 6 \2:: ..2:: .4 7 8 . '3 uLtZ ..-..'..'. 'A"l'|"rnnn'|l 5 A -... J 9 101O Condos Marina Hotel Restaurants WTC Office Building Conference Center Parking Cruise Terminal 11 Proforma vs Actual $'s in Millions, undiscounted 95 Proforma 2009 Difference "Development" Costs 1) Capital costs $100.1 $177.7 $77.6 2) Sales ($13.4) ($16.4) ($3.0) 3) Contributions ($4.5) ($4.5) $0.0 Total Cost $82.2 $156.8 $74.6 Net Operating Income $17.1 $27.7 $10.6 Internal Rate of Return (1.0%) (0.3%) 12 Conclusions The project succeeded in revitalizing and bringing much- needed development to the waterfront. It brought private investment, public moorage, a museum, and a conference center to the waterfront and spurred Belltown development. Cruise has substantial economic benefits for the region. Port cruise activities at Pier 66 generated 1,262 jobs, $57.5 million in local wages, $5.2 million in state/local taxes in 2008. The project as a whole has not been a financial success as a stand alone real estate investment. 13 Lessons Learned Objectives can shift over time, especially with long term projects. Quantitative and qualitative changes occur. Projects can change scope considerably over time. Looking at incremental changes does not show this clearly. Port development projects need especially careful and continually updated financial analyses. Major Challenge: consistently managing long-term objectives due to diverse stakeholders, shifting objectives and financial expectations 14 Central Waterfront Project Commission Overview 15
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