Home / Business and Economy / Port Tacoma Leases Land for Massive Food Hub
Port Tacoma Leases Land for Massive Food Hub
19 Jun
Summary
- A 50-year ground lease for a 30.47-acre food facility was approved.
- The project is expected to create up to 400 new or expanded jobs.
- Lease terms include strict odor control measures for the facility.
The Port of Tacoma Commission has authorized a 50-year ground lease for approximately 30.47 acres of property at 1221-1225 E. Alexander Ave. This lease agreement is with Saxum Investment, a New Jersey-based company, for the development of a large-scale food-processing and cold storage facility.
The project, estimated to involve a $250 million investment from Saxum, is expected to generate significant economic benefits. These include the creation of up to 400 new or expanded jobs, an estimated $43 million in annual wages, and a substantial increase in trucking and container loads. Port-related commerce could see a rise of up to 2.5% according to developer estimates.
Key terms of the lease, which is set to begin December 1, 2026, include Saxum's responsibility for facility construction and maintenance. The Port will handle environmental site remediation. Notably, the lease mandates odor control, with Saxum pledging to use state-of-the-art technologies to prevent nuisance to the surrounding community.
Saxum Real Estate plans to build nearly 574,000 square feet of cold storage and food processing facilities in a single phase. This development will encompass offices, shipping and receiving areas, truck loading docks, and a rail dock. The project's timeline still requires permitting and review through the City of Tacoma.
