Garage condominiums starting at $600,000 and superyacht slips priced in the millions are coming to a former industrial fuel terminal on Salmon Bay, near the Ballard Locks.

Terminal One Motor + Yacht Club, a 100-unit luxury complex for car collectors and yacht owners, will occupy 8.9 acres at 2727–2808 West Commodore Way. The project includes four buildings with individually owned garage units ranging from 850 to 1,250 square feet, each with ceilings approaching 20 feet. A second phase will add a deep-water marina with 2,300 linear feet of moorage capable of accommodating vessels up to 300 feet long.

Dean Jones, owner of Realogics Sotheby's International Realty, which holds the exclusive listing, said garage units will start around $600,000 and exceed $1 million. Yacht slips could fetch several million dollars.

"These folks have spent, in some cases, millions of dollars and decades curating their collection," Jones told the Seattle Times. "Why wouldn't the envelope that protects and showcases that collection be as equally important as the collection itself?"

Seattle's median home listing price was $776,232 in May 2026, according to Realtor.com.

The developer, Cantera Group, acquired the four parcels in 2020 for $5.6 million, roughly $14 million below King County's assessed value at the time, according to the Seattle Times. The site formerly housed the Time Oil Bulk Terminal, which stored petroleum and solvents from the early 1940s until operations ceased in 2001. Cantera says it completed environmental remediation through Washington's Voluntary Cleanup Program in 2021.

Cantera Group principal Mike Ciserella announced the project in a company press release on Tuesday, June 2, 2026. The site is owned free and clear of debt, with permitting advancing through city review, according to the company.

The developer targets sitework construction by mid-2026, garage occupancy by summer 2027, and marina completion by late 2028. POE Construction of Auburn will manage the build. Columbia Hospitality will handle property management. Olson Kundig is designing common areas, with LMA Architects handling structural work.

Some Ballard residents are debating the news online.

"That is a whole lot of fancy words to describe a bunch of storage units that doesn't exist yet," one person said.

"Exciting news: overpriced storage units with vomitus marketing copy," a Reddit user posted.

Some are more concerned with the location of the upcoming luxury garage and superyacht club.

"We already have The Shop in Sodo which is much more on brand for Seattle car enthusiasts - and anything Yacht focused would appeal much more to the east side," another Reddit user commented.

"This belongs in Bellevue," another person suggested.