The Port of Tacoma Commission has approved a ground lease with Saxum Investment Company, LLC for a new cold storage and food processing facility on the Blair-Hylebos Peninsula.
The lease, approved on 16 June, covers a 30-acre site between Taylor Way and Alexander Avenue. Saxum is expected to finance and develop the project, with construction planned over a 24-month period.
According to developer estimates, the facility could create up to 400 jobs and generate up to $43 million in annual wages. Subject to final design, Saxum expects to invest up to $250 million in the development.
“When we talk about supporting family wage jobs, this is exactly what we mean,” said Port of Tacoma Commission President Dick Marzano. “We thank Saxum for committing to grow the workforce in Pierce County and for recognising the Port of Tacoma as a great place to do business.”
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The planned facility will include high-efficiency cold storage and purpose-built food processing space. The site will have direct access to port facilities, rail freight services and road transport corridors, supporting connections to domestic and international markets.
“Saxum has been focused on the Tacoma market for several years, and we are grateful for the Port of Tacoma’s trust in Saxum. As a leader in the cold storage development sector, we are confident in our ability to deliver a durable, quality asset on a critical site at the Port of Tacoma, and we look forward to furthering the strong relationships we have made in the market since first identifying this opportunity,” said Matthew Wassel, Principal at Saxum Real Estate.
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The 50-year ground lease will begin after the port completes remediation work on legacy contamination at the site. The cleanup is expected to be finished by the end of the year.
“This project is a great example of our commitment to cleaning up contaminated land and putting it back into productive use,” said Port of Tacoma Executive Director Eric Johnson. “When we can improve the environment and create jobs in a single project, it aligns perfectly with our mission of sustainable economic growth.”
The Port of Tacoma owns around half of the 5,000 acres that make up the Tacoma Tideflats. The port regularly carries out remediation work on properties acquired from former industrial users.
To date, the port has cleaned up or remediated more than 1,100 acres of historically contaminated land and constructed or preserved more than 200 acres of fish and wildlife habitat.
For more information:
Port of Tacoma – https://www.portoftacoma.com/
