Terminal One Motor + Yacht Club Breaks Ground on Salmon Bay

The news

Cantera Group held the official ground-breaking ceremony and public sales debut for Terminal One Motor + Yacht Club on Wednesday, October 21, 2026. The site covers about nine acres at 2727 to 2808 West Commodore Way on Salmon Bay, next to the Ballard Locks, with roughly 550 feet of waterfront, according to the Realogics Sotheby's International Realty announcement. The developer's October 17 update says final permits for the first phase are issued and construction has started.

I am writing about this because it comes from inside our own brokerage family. Realogics Sotheby's International Realty is the project's exclusive sales representative, with Jay Kipp and Neda Perrina as lead sales advisors. This is not my listing, and I do not represent the project.

The concept

Terminal One sells garages, not homes. Phase one covers Buildings A, B and C, with about 72 garage condominiums (the count can change as owners combine units) plus the FORUM, a shared lounge and event space. The project site lists units of about 850 to 1,250 square feet, ceilings near 20 feet with room for a mezzanine, 14 foot glass garage doors, a private restroom in each unit, and fee-simple commercial condominium ownership. Columbia Hospitality is named as the manager, Olson Kundig is designing the common areas and garage interiors, and LMA Architects (Lance Mueller) leads the architecture.

The water side comes later. A second phase on the north side of Commodore Way would add about 36 more commercial condominiums and roughly 2,300 linear feet of moorage for yachts up to about 300 feet, sold as individually owned slips. That phase still needs regulatory approval, and the developer targets a 2028 start. Treat the marina as proposed, not approved.

The history of the site

Before the collectors arrived, this was the Time Oil bulk fuel terminal. The Washington Department of Ecology keeps the Time Oil Bulk Terminal cleanup record, and My Ballard covered the cleanup plan in 2020. On the BUILD Magazine podcast, RSIR owner Dean Jones describes it as a former World War II era petroleum depot that remediation turned into a rare in-city waterfront parcel. If you are weighing a purchase, read the Ecology record yourself; it shows which parts of the cleanup are finished and which are ongoing.

Where sales stand

The October 21 ceremony marked the move from private priority presales to public sales. Per the developer's event recap, the first release in Building A is 18 garages, and nearly half were committed through reservations by ceremony day. Reservation holders, whom the project calls Founding Members, are now reviewing governing documents and purchase agreements. The first phase targets occupancy in summer 2027. For current pricing and availability, go to the project team directly; I am not publishing figures here.

Press coverage

Read the reporting at the source:

• The Seattle Times, ceremony coverage (October 22, 2026)
• The Seattle Times, first report on the plan
• Puget Sound Business Journal (October 21, 2026)
• Seattle Magazine (sponsored feature, October 19, 2026)
• Seattle Agent Magazine, ceremony and sales launch (October 16, 2026)
• Seattle Agent Magazine, RSIR listing announcement (June 2, 2026)
• BUILD Magazine (October 16, 2026)
• Connect CRE (October 22, 2026)
• My Ballard, construction start (October 22, 2026)
• My Ballard, plan announcement (June 4, 2026)

My Ballard's October 22 story also reports concerns raised by Heron Habitat Helpers about the nearby Commodore Park heron colony. Read it alongside the project materials.

Where to learn more

The project's own pages are TerminalOneSeattle.com and its media and events page. Brokerage background is on rsir.com, and the design and management partners are Olson Kundig and Columbia Hospitality.

Why collectors and investors are watching

Owning the space where a collection lives is a different decision from buying a house. You are buying a commercial condominium, so financing, association rules, insurance and the tax treatment all need their own review. If you are thinking through how a purchase like this fits next to a primary home, see my waterfront and luxury acquisition guide, the investor resources, and my explainer on Washington's new income tax and I-645. For another new-construction example, see Parkside.

Educational only. Not tax advice. Consult your CPA.

Aditya Kasturi, Broker, Realogics Sotheby's International Realty, (425) 448-6288. Equal Housing Opportunity.

Source: Terminal One project releases (October 17 and 23, 2026), Realogics Sotheby's International Realty announcement, Washington Department of Ecology, and the press reports linked above.