The state capital budget for 2019 includes $4.7m to help the Port of Vancouver fund the next phase in the redevelopment of Terminal 1.
Julianna Marler, the CEO of the port, recognized the lawmakers in the state legislature who helped get the funding the port needs to go ahead. She noted that Vancouver residents back the project, and the action taken at the state level leverages current investments, both private and public, to get the project up and running. This, in turn, will result in the creation of a world-class waterfront to bring the entire community together.
The $4.7m in funds will be used to redesign and renovate Vancouver Landing. The area is also known as the amphitheater, and is the dock where the American Empress stern wheeler ties up. The Empress is the largest steamboat operating west of the Mississippi River.
The funding will also go to design and build the East Portal storm water facility, where all the water that runs off from the development will be treated.
In addition, the state funding helps support private investment, such as the $50m from Vesta Hospitality, a hotelier based in Vancouver. Vesta plans to build an AC by Marriott Hotel at the project. In addition, there is expected to be private investment in the planned mixed-use development, which will include offices, residential units, retail spaces, and parking. Officials can use brochure printing to show the advantages of a project like this to prospective tenants.
