Currently, Seattle's waterfront business is mostly shipping cargo containers but city officials say that redevelopment efforts would be beneficial to the city. Hanjin, a South Korean cargo carrier, holds a long-term lease for the 88-acre property, so redevelopment is still a long way off.
Still, port officials say that their interest in redevelopment does not imply that Port is moving away from the container business, and that the Port plans to increase its marketing efforts to compete with the Los Angeles and Long Beach Ports, which hold more than 60 percent of the West Coast's container volume. However, Seattle's waterfront property is considered prime real estate and city officials want to remain open to ideas for redeveloping the area.
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