Vancouver port commissioners have approved a $135,000 contract increase with Portland-based Leland Consulting Group to help it plan for redeveloping the land just downstream from the Interstate 5 Bridge.
The port has cooperated with the consulting firm since late 2014 as it works to redevelop its portion of the waterfront. The latest duties included in the contract involve a hotel land appraisal, parking strategy refinements, on-call real estate advisory services, pro forma financial statement refinements, and fiscal and economic impact analysis of the port’s waterfront.
The port plans to transform its roughly 10-acre property that includes the former Red Lion Hotel Vancouver at the Quay into a thriving area of offices, hotels, retailers and public spaces.
But the process is somewhat uncharted territory for an organization used to industrial work.
Now the port is working into the concept development process and getting focused on what’s going to actually be built.
“The port has very great bench depth in understanding industrial development but we are looking to have more specialized individuals that can assist us with mixed use and also hotel development,” said Jack Flug, the port’s senior financial analyst.
The port is working on what kind of facilities it plans to build and, in turn, how much parking will be needed.
Some of that work includes plans to redo an 18-month-old hotel land appraisal that will reflect the current market conditions.
Port officials also want to know what the direct, indirect and induced jobs that would be created through the waterfront and what kind of tax revenues it will generate.
The approval grows the contract to a little more than $493,000 since it was first approved in late 2014 and amended last year.
The $135,000 extension is not included in the port’s annual budget, but will be funded by profits from dock and industrial activities, among other things, according to Scott Goodrich, the port’s director of finance and accounting. Operating activities, he said, generated about $8.6 million.
Port Commissioner Brian Wolfe spoke highly of the agreement and appreciated port staff acknowledging where its expertise was limited.
“I think it’s an excellent request, having met with the internal team recently, that’s remarkable, each of you have your own specialty,” he said. “But I’m glad, Jack, you recognize that waterfront and exports and imports are what you do best and not commercial activity.”
