The Port of Vancouver is building a new industrial building in hopes of attracting new manufacturing, warehousing and distribution businesses to the port.
The Centennial Industrial Building is being constructed along Northwest 32nd Avenue, across from the port’s administrative office. It will be a 125,000-square-foot light-industrial building capable of being customized for up to five tenants.
Abbi Russell, spokeswoman for the port, said the port’s leasable facilities have been 99 percent occupied for the last three years and the new building will create opportunities for more growth.
“This is critical to achieving the mission of bringing economic benefit to the community,” she said.
Mike Schiller, director of business development at the port, said staff has spoken with several interested parties about moving into the building, but as of yet there aren’t any committed tenants.
Schiller also said an extra incentive for manufacturers is the port’s status as a federal foreign trade zone. That allows manufacturers to bring in raw materials — which ordinarily might be taxed individually and at different rates — and combine them into finished goods which are taxed after a sale is made. The zone is supervised by the U.S. Customs and Border Protection office in Portland.
The building is currently under construction and is set to be complete by sometime next summer. The port plans to rent the space at about $0.48 per square foot with a surcharge of $0.85 for per square foot for office space.
The Centennial Industrial Park was partly funded with a grant from the Washington State Department of Commerce. The Centennial Industrial Building is being funded through revenue bonds.
