While private developers are already undertaking some projects in Terminal 1, creating both temporary construction jobs and long-term jobs, the port itself is committed to the construction of a new high dock that is slated for the future development of a public market.
The port will also begin much-needed land improvements in the Terminal 1 area. These include removal of old wooden piles and ground stabilization that will provide a stable foundation for new development on the site.
Additionally, construction will take place on the Renaissance Trail, connecting it to points east and west, as well as the Central Plaza, Daniels Way and the East Portal. All of this work is necessary to providing increased access in the area and public spaces that that help create an inviting waterfront and recreational opportunities.
These projects will benefit the entire community but private development alone will not cover the costs of the entire build-out.
The additional funding source of the tax increment area tool would allow the public amenity projects to be moved up in time so that the community can enjoy these features sooner. Rather than take 15 years or more, the funding would allow the projects to be completed in approximately six years. These projects will expand the connection of Vancouver’s citizens to the waterfront and add vibrancy and an enhanced lifestyle to the waterfront.