(The Center Square) – The Port of Seattle is transforming one of its oldest existing facilities into a maritime innovation center with $32.6 million.
The port approved of funds to go toward its long-standing goal of replacing the historic ship supply building at the Fishermen’s Terminal. The Maritime Innovation Center that will be built is intended to serve as headquarters for incubator and accelerator programs supporting startup businesses and workforce development in maritime industries.
“The transformation of the port’s oldest building into a world-class center is a reflection of the Port’s commitment to investing in innovation so that the maritime industry and marine environment will thrive for generations to come,” Port of Seattle Commissioner Fred Felleman said in a statement. “The Maritime Innovation Center will inspire collaboration between entrepreneurs, investors, and workers that will grow our region’s blue-green economy by drawing on our heritage to create living wage careers of the future.”
By reaching out to hundreds of startups, established businesses and local would-be workers via the new center, the Seattle Port anticipates Puget Sound maritime industries will benefit from a global boom in the “blue economy,” or global ocean economy.
The Seattle Port references an estimate from the United Nations the world ocean economy is worth $1.5 trillion annually.
The port’s ship supply building was constructed in 1914. It will be restored and modernized into a 15,000-square-foot facility with a mix of working space for incubators, accelerators and anchor tenants.
The fishermen’s terminal is also expected to see renovations, making it easier to navigate and more educational for visitors. These renovations include new wayfinding and site signage, interpretative signage and landscaping.
Construction on the new facility is set to begin sometime in the second quarter of 2024, according to the port. The project is scheduled to be completed by the end of 2025.
