Seaside Signal Article: Port of Astoria Approves 'Master Lease' for Waterfront Redevelopment
The Port of Astoria Commissioners approved a 40-year master lease on Tuesday, May 19, formally launching the long-awaited execution of the port’s Waterfront Development Master Plan. The agreement, negotiated with Garth Schlemlein of Schlemlein Astoria Port Development L.L.C. since April 2025, covers waterfront acreage near the West Mooring Basin and Pier 1 and clears the way for a redevelopment effort led by Atlin Investments in partnership with American Life Inc. and Elevator Shaft L.L.C.
The first project on the docket is an 80- to 120-unit upscale replacement for the Riverwalk Hotel, built on land rather than the piers supporting the current structure. A market space and a “fishing village” — described in the master plan as public waterfront open space with support services for sport fishing and the marina — are also slated for development under the long-term lease.
Port leadership said the 40-year term was essential to the project’s financing. As Schlemlein told the commission, lenders backing a roughly $30 million hotel build require at least a 30-year runway on the underlying lease. With the master lease now in place, the port and its development team will turn next to negotiating individual subleases for the various retail and hospitality components.
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Original Article from Seaside Signal | Written by Jay Corella
