Chief of Policy and Communications
Port of Everett Releases Request For Qualifications for Housing Developers for Fisherman’s Harbor
O’Connor Housing Study Finds Strong Demand for Waterfront Place Project
Everett, Wash. – Today, the Port of Everett released its first request for qualifications for housing developers for Fisherman’s Harbor in its Waterfront Place Central Development project. The RFQs will be due October, and we hope to have a developer on board by the end of the year, with the first units under construction in 2016/2017.
The first residential units will emerge along Seiner Drive in Fisherman’s Harbor near 14th Street and West Marine View Drive. It will include 204 apartment housing units, with amenities and improvements that will create a highly desirable neighborhood with spectacular water and mountain views and recreation access.
In January, the Port received the results of an independent housing study by O’Connor Consulting Group 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'Connor, principal with O'Connor 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."
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, 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.
“This waterfront, and this city, is on the verge of a renaissance, one that will put Everett on the map, and be a destination for employers, families, boaters, watersport enthusiasts and, most of all, FUN,” said
Along with the release of the RFQ for housing, the Port is also considering proposals on parcels in Fisherman’s Harbor from developers. This includes:
- 47,300 sq. ft. retail
- 155,500 sq. ft. office
- 13,000 sq. ft. restaurant
- 86,000 sq. ft. hotel
The Waterfront Place Central project, which was approved by the Everett City Council in January, will create a new community where people can live, work, shop, relax and find entertainment. It 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.
Some highlights from the housing study include:
- Everett has historic vacancy levels at 2.6%; vacancy under 5% is considered under supplied (see figure 1)
- 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 2)
The Port of Everett already has a list for people interested in housing units in Waterfront Place Central. If you are interested, you can email email@example.com and ask to be added to the list.
Figure 1 - Everett Apartment Demand
Figure 2 - Everett Demographics
Figure 2 - Everett Demographics