Vancouver, Wash. — The Port of Vancouver USA received $4.7 million in the 2019 state capital budget for the first phase of redevelopment at Terminal 1.
The following is a information from the Port of Vancouver:
“We are extremely appreciative of the support and leadership of our legislators,” said port CEO Julianna Marler. “I especially want to recognize Senators Annette Cleveland and David Frockt, and Representative Monica Stonier for their tireless advocacy for Terminal 1 and Southwest Washington.
“This is a project our community has continually told us they want to see built. This investment by the state of Washington leverages current public and private investments and gets Terminal 1 off to a strong start, so we can build a world-class waterfront that connects our community and brings us all together on the Columbia River.”
“A thriving Terminal 1, in conjunction with our emerging waterfront development, is basically an economic multiplier,” said Sen. Cleveland. “People who come for one draw will be tempted to stay and try the other.
“This is an investment that will return well beyond this initial $4.7 million investment, for decades to come. I grew up here, I live here, and I’m excited as a Vancouver native in anticipation of the difference this is going to mean for our community and our area’s prosperity.”
“The waterfront project and the businesses coming in continue to be a bragging point for me when I talk about why we should invest in Southwest Washington,” said Rep. Stonier. “We have great partners here, including the Columbia River Economic Development Council, who make it easy to make a compelling case when we’re advocating for investment funds from our state.”
This $4.7 million in funds from the 2019 capital budget supports:
These funds also support $50 million in private investment by Vesta Hospitality, a Vancouver-based hotelier building a new AC by Marriott Hotel at Terminal 1, and future private investment in the development’s north blocks—the site of future mixed-use development to include retail, residential, office space and parking.
Over a decade in the making
For more than 10 years the port and its partners in the public and private sectors have steadily been investing dollars, laying groundwork and clearing the way for redevelopment of the downtown Vancouver waterfront. In 2018, the port received $1.3 million from the state’s supplemental capital budget, which is supporting ground stabilization work, construction of a portion of Daniels Way and construction of the Renaissance Trail segment through Terminal 1.
This year, staff and consultants working on Terminal 1 will:
More information on Terminal 1 is available at www.portvanusa.com/key-projects/waterfront-project.