Scheduled for completion in 2004, the facility will be utilized by Evergreen Marine Corp., which is relocating operations from Terminal 4 to the Pierce County Terminal.
According to Brendan Dugan, the Port's Senior Director of Marketing and Trade, the 171-acre Phase 1 terminal will have an annual capacity of more than 480,000 container lifts -- or approximately 840,000 TEUs (twenty-foot equivalent units). When Phase 2 is complete, the facility will be 237 acres total with an annual capacity of approximately 1.2 million TEUs. The Port of Tacoma finished 2002 with a record volume of 1.44 million TEUs.
Located at the terminus of the 2.65-mile-long Blair Waterway, the planned six-crane, facility will feature two linear berths (approximately 2,260 feet long), a container yard, a dedicated intermodal yard and associated infrastructure. If required, there is flexibility for a third berth at a later date.
Evergreen currently occupies a 75-acre facility at Terminal 4, also on the Blair. Pierce County Terminal is presently used for breakbulk, auto, heavy lift and other specialty cargoes. Much of the Pierce County Terminal acreage is now used for auto storage. This activity will be relocated to a new dedicated auto facility, now under construction near Pierce County Terminal.
The initial lease term will be 20 years. Evergreen can request two additional five-year options to extend, and this request can be granted at the Port's discretion. This compares to a term of 17 years for the existing Restated Lease for Terminal 4, concluded in 1999 with no extension options.
Revenues from land rental and non-exclusive preferential berthing will be adjusted annually, and will be structured as follows:-- Year 1: $9,075,000
-- Year 2: $10,312,500 + escalation from prior year
-- Year 3 and after: $11,550,000 + escalation from prior year
Evergreen began to explore additional expansion opportunities with the Port of Tacoma in 2001, including a review of various terminal configurations at several potential Port of Tacoma locations.
In December of 2002, the Port of Tacoma Commission approved a $341 million Capital Improvement Plan that includes widening of the Blair Waterway at two key locations and re-developing Pierce County Terminal into a major container terminal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
