The Port of Vancouver’s Board of Commissioners voted unanimously this week to rescind a lease with biotech firm AbSci LLC that would have provided renovated office and lab space in the former Red Lion Vancouver at the Quay Hotel.
AbSci, which still plans to relocate its offices from Portland to Vancouver, had planned to move to the port’s waterfront development at Terminal 1 this spring. However, the company said the renovated former hotel no longer meets its needs.
“We’re pursuing an aggressive schedule for redevelopment at Terminal 1, which includes eventual demolition of portions of the Red Lion,” said Julianna Marler, the port’s interim CEO. “AbSci is growing and needs a facility that can support that growth and expansion into the future.
“It’s unusual for us to rescind a lease, but it’s important we support AbSci and our economic development partners as we all work to bring life sciences companies and jobs to Southwest Washington,” she added.
The Columbia River Economic Development Council, which has been working with AbSci for more than a year, will continue to work with company to find a home in Vancouver that fits its long-term needs.
“We’re encouraged by AbSci’s strong growth and commitment to relocating to Vancouver, even if it’s not at Terminal 1,” said CREDC President Mike Bomar in a press release. “Given the nature of AbSci’s technology and their ability to be an influential player in the biotech sector, we believe that they have the potential to serve as a catalyst in the efforts to attract additional biotech companies to Southwest Washington and we appreciate their ongoing collaboration on these efforts.”
AbSci CEO Sean McClain said he appreciates the partnership that brought his company to Vancouver, adding “we look forward to finding our future home, contributing to the local community and supporting the growth of the life science ecosystem in the region.”
While the port will not continue to market the former hotel space to the biotech industry, officials said that doesn’t mean life sciences won’t be a part of Terminal 1 once redevelopment plans are complete.
“CREDC is continuing to work with our private developers to attract life science businesses to Terminal 1 and biotech at the waterfront is still a real possibility,” said Katy Brooks, port director of economic development. “Going forward, we’ll support our partners and the community infrastructure necessary for this industry to thrive in our region.”
