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Port says Hayden Island price too high

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Friday, May 17, 2013

The Port of Portland says the environmental conditions suggested for its West Hayden Island annexation make the marine trade terminals financially undevelopable.

The newest planning commission terms would cost $69.6 million to $84.2 million just to prepare a 300-acre site for an outside developer to build two trade terminals, says Bill Wyatt, port executive director. That amounts to $10.38 to $11.84 per square foot, he says, when the going price for Columbia River port land is $5 to $7 a square foot.

“This has got to make economic sense,” Wyatt says. At that price, “we wouldn’t pursue annexation.”

Read more at The Portland Tribune.

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