With UPS closing their facility on Swan Island it's time to look there as a focus for new development. The Port of Portland has pretty much given up on doing actual port things and now just wants to make PDX win meaningless accolades.
Step 1. Make a deal with the Indian tribes in Oregon to establish jointly run riverboat gambling.
Step 2. Build hotels and an amphitheater next to the riverboats.
Step 3. Offer tax incentives to many of the businesses down there to move out, opening land for things like a baseball stadium. We're the fucking River City, our stadium needs to be next to the water and used as a backdrop to advertise Portland. Also, that would take a ton of commercial trucking out of the overly congested downtown core.
Fun fact: Swan Island was the first choice of Bugsy Siegel for his casino that was built in Vegas. Then, Portland's airport was located on Swan Island and Siegel already owned land on Sauvie Island.