Digital recordings of the meeting proceedings and meeting materials are available online – www.portseattle.org.
APPROVED MINUTES
COMMISSION SPECIAL MEETING OCTOBER 27, 2020
The Port of Seattle Commission held a special meeting, Tuesday, October 27, 2020, as a
commission study session. The study session was held remotely in accordance with the governor’s
‘Safe Start’ order and Proclamation 20-28. Commissioners Bowman, Calkins, Cho, Felleman, and
Steinbrueck were present.
The meeting convened approximately at 9:30 a.m.
Presentation materials included a packet containing the following documents:
Memorandum
Presentation Slides
Presenters:
Dave McFadden, Managing Director, Economic Development
Kyra Lise, Director of Real Estate Development
Matt Anderson, Heartland, LLC
Commissioners and staff met in a study session to discuss the Port’s Real Estate Strategic Plan
update.
Executive Director Metruck introduced the study session and presenters.
The presentation addressed:
• Market context for office, industrial, retail, hospitality and lodging;
o Regional industrial
o Regional office
• Real estate principles;
o Principle framework
• Properties being evaluated;
• Property profiles;
o Fisherman’s Terminal
o Salmon Bay Marina
o Terminal 91 – Uplands
o Harbor Marina Corporate Center
o World Trade Center West
o Pier 69
• Portfolio management;
P.O. Box 1209
Seattle, Washington 98111
www.portseattle.org
206.787.3000
PORT COMMISSION SPECIAL MEETING MINUTES Page 2 of 2
TUESDAY, OCTOBER 13, 2020
Minutes of October 27, 2020, submitted for review on November 5, 2020, and proposed for approval on November 10, 2020.
• Acquisition evaluation and partnership opportunities; and
• Next steps;
o Evaluate funding options and strategies
o Development of methodology to rank and prioritize acquisitions and partnerships
o Incorporate key findings and recommendations into the maritime and economic
development division Capital Investment Program
o Implement key real estate development recommendations within the strategic plan.
Commission discussion ensued regarding:
• vacancies – properties with active leases;
• looking at regional numbers as well as national numbers;
• Amazon’s square footage;
• the importance of taking remote working into consideration with respect to the real estate
strategic plan;
• types of businesses sought after within the industrial market;
• mutual investigation of real estate between the Port of Seattle and the Northwest Seaport
Alliance and the need for a presentation to the Alliance in this regard;
• anchoring cargo owners as close to terminals as possible and investing Port assets in
alignment with the Alliance;
• the best market signals for the Port to recognize the trigger for moving forward with new
development;
• risk-reducing approaches to uncertainty and finding key tenants in those conditions;
• consideration of staging opportunities for ST3;
• including a vision of the waterfront in the real estate strategic plan; and
• synergies of existing facilities.
Heartland and staff will continue to work to finalize the Real Estate Strategic Plan, with the final report
scheduled for delivery to the Commission in February 2021.
The meeting adjourned at 10:47 a.m.
Prepared: Attest:
Michelle M. Hart, MMC, Commission Clerk Sam H. Cho, Commission Secretary
Minutes approved: November 10, 2020. September 8, 2020.
