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.