An industrial ground-lease opportunity has emerged at the Prince Rupert Gateway at the Port of Prince Rupert, where nearly $1 billion in capital expansion is either underway or planned.
The Import Logistics Platform to the Prince Rupert Gateway will support the further growth of Fairview Container Terminal and advances the Port’s objectives of becoming a full-service gateway.
Metlakatla Development Corporation (MDC) and the PRPA are developing a logistics park on fee simple lands in close proximity to DP World’s Fairview Container Terminal.
Two parcels, totalling 56 acres, are available for long-term ground lease. The lands are intended to accommodate uses that complement the rapid growth of the container business in Prince Rupert and capitalize on strong market interest for both import and export logistics services such as transloading and warehousing.
The logistics park is a critical component of PRPA’s broader plan to develop an integrated intermodal ecosystem to support four million plus TEUs (20-foot equivalent units) containers capacity by 2030.
The fee simple lands are owned by South Kaien Land Holdings Ltd., a subsidiary of Metlakatla Development Corporation, and co-developed with the Prince Rupert Port Authority.
The lands are cleared, and some preliminary earthworks have begun. Parcel two is currently under offer and Parcel four is still available.
“There is nearly $1 billion in capital expansion either underway or planned to advance over the upcoming year in the growth and expansion of the Port of Prince Rupert as it expands and diversifies Canada’s capacity to support export industries and grow international trade,” according to the PRPA.
In the first nine months of 2020, total foreign cargo volumes were up 1.8 per cent, to 22.75 million tonnes at the PRPA. Prince Rupert is on pace to exceed its record of 29.9 million tonnes set in 2019.
“I think we’ll certainly surpass 30 million tonnes this year if things continue to hold,” says Shaun Stevenson, the Prince Rupert Port Authority’s president and chief executive officer. “We see a path to almost doubling over the next decade,” Stevenson adds.