International Public Market
Feasibility Study
Item No. 10b_supp
Date of Meeting March 28, 2023
Seeking Commission authorization for the Executive
Director to execute Memorandum of Understanding
(MOU) with King County that formalizes the county’s
funding of $50,000 to support and participate in the
International Public Market feasibility study.
REQUEST
The Port of Seattle and King County are interested in conducting a feasibility study
surrounding the concept of developing of an International Public Market facility in South
King County that will:
1) Attract tourists and visitors,
2) Provide a gathering space,
3) Showcase local cultural attributes, and
4) Support economic development and entrepreneurship for small businesses
(with an emphasis on supporting small ethnic businesses).
The proposed study will not exceed $199,999 and the MOU formalizes King County’s financial
commitment of $50,000 to support this effort.
The MOU also establishes a partnership with King County to manage the feasibility study
including participation in the RFP selection process and project advisory committee.
ABOUT THE PROJECT
PHASE 1
Determine Feasibility and Benefits of an International Public Market
If we build it will they come? Who will come? Will there be enough venders/customers/etc.?
Community engagement elements and understanding impact on existing and prospective businesses
PHASE 2
Identify Preferred Market Attributes
Planning for size of market, number of vendors, parking considerations, accessibility considerations, etc.
Identify Market Site Requirements
Identifies preferred size, zoning, proximity to infrastructure/utilities, proximity to transportation, proximity to other
amenities, visibility and aesthetics etc.
Identify Site Possibilities
Will look at candidate sites, evaluate properties, and overall market attributes and requirements. This may include
some preliminary work related to cost of property acquisition, development, etc.
Proforma Capital and Operating Cost Projection
Showing revenues/expenses and grounding financials into core assumptions about Public Market operations
(including operator/concessions assumptions).
Recommendations/Next Steps
SCOPE
• Supports Century Agenda
Development of an International Public Market facility in South King County supports the Port’s Century Agenda by
1) advancing this region as a leading tourism destination and 2) responsibility investing in economic growth of the
region and its communities.
• Domestic and International Draw for Tourism
The proposed international market would be very accessible from SEA. It would also attract residents, visitors from
surrounding communities, and help advance this region as a leading tourism destination and business gateway
domestically and internationally.
• Economic Asset to South King County
Promote regional growth and benefit the Cities of Tukwila, SeaTac, and other communities in South King County.
The marketplace would generate economic activity, support jobs, and support small businesses. It would also help
prevent some of the displacement of small businesses that result as the region continues to grow and change.
• Advance Equity, Diversity, and Inclusion
South King County is home to large immigrant and refugee communities. An international marketplace can support
ethnic entrepreneurs and be a source of jobs and wealth generation for the area’s diverse communities.
JUSTIFICATION
Draft report on current market conditions and
interviews from local stakeholders
June 15, 2023
Identify Market attributes and preferred site
requirements and potential sites
August 30, 2023
Identify public market site possibilities September 30, 2023
Develop Proforma capital and operating cost projections November 15, 2023
Final feasibility report for the International Public
Market concept
December 31, 2023
Present findings to stakeholders January/February 2024
TIMELINE
Questions?
