The 2 cruise ships to the right are in the touristy seaport area (with Pier 21, Garrison Brewery, etc.). Usually there aren't 5 ships and the other 3 are more in the "working" section of the waterfront that is normally used for shipping. Some of the parking should definitely be developed; it's a holdover from when the rail yard was much larger and rail lines went into all of the piers. Today most of that shipping traffic goes to the container terminals. The old piers have been there for around 100 years.
Here's another angle:

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The farmers' market is down there too now:

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In the past it was sort of an open question whether there could be residential development in this area but a pretty decent building has since gone up right next to the grain elevator, so I think more will come along:
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Originally Posted by Dmajackson
Completed Project:
Source: Dmajackson (page 6)
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Southport is another cool one coming up. I guess they're either incorporating shipping containers into the facade or trying to recreate them:

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