The Port of Seattle plans to redevelop Terminal 46, an 88-acre site just south of Pioneer Square near the new Seahawks Stadium. Hanjin Shipping, currently leases the site, using it as a container terminal.
However, according to port officials, the port has every intention of honoring its lease with Hanjin, which signed a 10-year agreement in 2001 to remain at Terminal 46. If Hanjin remains at terminal 46 for the remaining eight years of the lease, redevelopment at the site would be delayed for that amount of time.
This week, the port revealed that a shipping company, APL Ltd., is negotiating with Hanjin on a deal that would move Hanjin from Terminal 46 to APL's additional space at Terminal 5. A decision has not been reached at this time.
If Hanjin decides to relocate, Terminal 46 would be available almost immediately for redevelopment, according to port officials. The port will explore the possibilities for redeveloping the large Terminal 46 site for a variety of potential uses.
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