Chief of Policy and Communications
Everett City Council Approves Port of Everett’s Waterfront Place Central Development
O’Connor Housing Study Finds Strong Demand for Project
Everett, Wash. – On January 21, the Everett City Council gave the green light to the Port of Everett's new, $360 million mixed-use Waterfront Place Central development.
The City’s decision concludes the public process for approving the project, which will create a new community where people can live, work, shop, relax and find entertainment. The project includes 15 new public gathering spaces, up to 660 housing units, two waterfront hotels, at least 10 fine and casual dining restaurants, and 662,000 sq. ft. of commercial, retail and marine sales and services.
The project brings $33 million in public infrastructure funded by the Port’s capital improvement plan, plus immediate opportunities for private developers anticipated at $330 million. At full build out, the project will support more than 2,000 jobs and $8.6 million in new tax revenue for the city.
“With the approval from the City, we will be launching our Waterfront Place Central project Friday as part of our exhibit at the Seattle Boat Show, and we anticipate issuing the first solicitation for a private developer in March," said Terrie Battuello, the Port's Chief of Business Development. “We are working toward securing developers in 2015, and plan to be under construction with the first phase in 2016.”
Fisherman’s Harbor, the first phase of the Waterfront Place Central development, is located on 5.56 acres adjacent to West Marine View Drive. This district will be a year-round hub of activity that includes 204 apartment units (see figure 1), 120 room hotel, five commercial buildings and numerous retail and waterfront restaurant spaces. The key public features of this area include: a continuous public trail, floating activity barges, a dock walk for visitors to get down to touch the water, a large park that will pay tribute to our international seaport, and a small boat course.
"The Port of Everett's Waterfront Place will be a premier attraction, and will transform the way residents and visitors engage with one of our city's greatest assets - our waterfront,” Everett Mayor Ray Stephanson said. “The Council's approval of the project is an important step forward in revitalizing our harbor, creating family-wage jobs, and building a vibrant new neighborhood on the Puget Sound."
The approval came on the heels of the O’Connor Consulting Group’s Housing Demand Study that found a strong market demand for the project’s proposed housing units in the Greater Everett area. O’Connor determined that the strong employment base, growing aerospace presence and younger population would drive demand at market rents for this project.
"Our study of projected demand found current and prolonged vacancy rates well below equilibrium, signaling a direct demand for new housing in the Waterfront Place Central development," said Brian O'Conner, principal with O'Conner Consulting Group. "It is not often that an opportunity to develop waterfront property with the amenity of a marina presents itself. This development has a significant upside."
Some highlights from the housing study include:
- Everett has historic vacancy levels at 2.6%; vacancy under 5% is considered under supplied (see figure 2)
- The need for housing in Everett will exceed the amount supplied by Waterfront Place Central
- Amenities and improvements planned for the Port of Everett’s 65-acre site produce a highly desirable neighborhood with spectacular views and water and recreation access.
- O’Connor says the new neighborhood and rare waterfront location boasts quick access to the downtown and to arterials ranging from Seattle to the Eastside
- The housing development opportunity supports rents with a weighted average of $1.70 per foot indicating it is a commercially viable market opportunity for private developers
- The majority of Everett residents (51% as of 2010) are renters
- The median household income in Everett was at $46,540 in 2013 and it is expected to increase to $53,585 by 2018. This suggests an income growth of 2.86% per year
- The top tapestry segment in the Greater Everett area are individuals in their late-30s (15.6%) (see figure 3)
The Port of Everett already has a wait list for people interested in housing units in Waterfront Place Central. If you are interested, you can call 425.259.3164 and ask to be added to the list.
Excerpt From the O’Connor Study
Figure 1: Waterfront Place Average Apartment Rental Rates
Figure 2: Everett Apartment Demand
Figure 3: Everett Demographics