Vancouver USA Port Pursues Strategic Property

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Port of Vancouver (WA) CEO Todd Coleman has signed a letter of intent with Moorage 5 Properties and Hickey Family Company for the purchase of approximately 94 acres of heavy industrial property. Described as "strategic property for our future development” by Commission President Jerry Oliver, the acreage is located along the Columbia riverfront between the port-owned Terminal 5 and Columbia Gateway.

"For years now, this property has been identified as a key acquisition for the port,” said Mr. Coleman. "It offers the potential for additional marine facilities and the ability to provide rail access to Columbia Gateway.”

The letter of intent provides 60 days for the parties to negotiate a purchase and sale agreement. As part of the negotiating process, the parties agree to a purchase price and terms and conditions of the sale. The port’s board of commissioners will then have 30 additional days to act on the agreement. If the port decides move forward with the purchase, an environmental site assessment will be completed by the port as part of its due diligence. The letter of intent was signed April 18, starting the 90-day clock.

Tidewater Barge Lines and HME currently lease property on the site.