Waterfront Place: Actively Marketing for Development

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- Welcome to Waterfront Place -
Explore the exciting waterfront gathering place now marketing for development!

Explore Waterfront Place!

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.

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.

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.

Some highlights from the housing study include:

   - Everett has historic vacancy levels at 2.6%; vacancy under 5% is considered under supplied 

   - 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%)

Contact Us!

Project Questions: Lisa Lefeber, Director of Public Affairs | 425.388.0617 | E-mail
Business Interest: Terrie Battuello, Chief of Business Development | 425.259.3164 | E-mail


Muse Rendering IllustrationPublic Amenities
15 new public gathering spaces, including:
   - 4 mile continuous walking/biking trail
   - 2 large-scale parks
   - 2 children's playgrounds
   - 7 vistas, with 4 elevated viewpoints
   - 1 outdoor performing arts venue
   - 1 iconic clocktower
   - Multiple water features

Trail Rendering IllustrationStores, Shops & Restaurants
 
Restaurants: At least 5 additional eateries along Fisherman’s Harbor, and a fine dining restaurant at the water’s edge
Hospitality: 2 new waterfront hotels; 180 keys
Office & Commercial: 447,500 sq. ft.
Retail: 63,000 sq. ft.
Marine Retail: 20,000 sq. ft.

Residential
No less than 350 homes for sale or rent: Apartments, condos, townhomes, and lofts with parking.

Marina

The Port has a multi-year plan to reinvest in the capital needs of marina, which will address the docks, power, gatehouses, gangways and upland amenities. The project also plans for improved facilities for commercial fishermen.


The Details...

Central Property Developable Area:
Approx. 65 acres

Port Infrastructure Costs: Estimated $33 million based on concept-level planning

Public/Private Infrastructure Investment: The project generates $310-$368 million in public-private investment at full build out.

Master Developer: The Port of Everett is the master developer, and expects to seek development partnerships starting January 2015 through land sales and leases.

Timing & Development Interest: Portions of the property are ready for development after the entitlements are approved. Construction on the first zone is expected to begin as early as 2016.

Density: The 2005 City/Port Development Agreement allows up to 1.5 million square feet; the Port is not requesting any increase in maximum density or heights.

Housing: 350 to 660 housing units are called for in the strategy; the 2005 City/Port development agreement allows for up to 660 units.

Parking: This development strategy calls for 3,200 stalls of surface and structured parking.

Environmental Cleanup: In partnership with the Department of Ecology, the Port of Everett is reviving and restoring 215 acres of property for economic use. A large portion of these cleanups are in the Waterfront Place, as the site was the epicenter of Everett’s milltown roots. After deliberate policy direction by the Port Commission, the project area is largely cleaned up and primed for development. In 2013, the former Everett Shipyard site underwent an upland cleanup effort. In August 2014, the in-water portion of the cleanup kicked off the marina revitalization effort in the Central Northeast basin. This project is the last major cleanup effort on this site to make way for Waterfront Place. Click here to learn more about this project.

Your hub for the latest news and updates for Waterfront Place Central!

#everettwaterfrontplace

Jan. 23, 2014: Everett City Council Approves Port of Everett's Waterfront Place Central Development

Dec. 16, 2014: The Everett Planning Commission unanimously recommended approval of the Port of Everett’s new Waterfront Place Central mixed use development. The project will now move on for Everett City Council review, scheduled Jan. 7, 14 and 21.

Nov. 20, 2014: Sign demonstration for Waterfront Place Central is scheduled for Nov. 20 from noon - 8 p.m. Click here to view notice with additional information.

Oct. 15, 2014: Snohomish County/Everett Tribune article: Future development of waterfront in the works

Sept. 30, 2014: Join us 6 - 8 p.m. for the Waterfront Place Central Open House & Entitlement Review. Click here for details.

Aug. 21, 2014: You're Invited! The Port of Everett's Marina Revitalization Kick-off event is August 21, 3 - 4:30 p.m.  Click here for more information.

June 25, 2015: Everett Herald article: Port of Everett renovation plan goes before City Council

June 23, 2014: Snohomish County/Everett Tribune article: Port of Everett waterfront development outlined

June 17, 2014: The Port of Everett Commission authorized staff to submit a formal application to the City of Everett to revise the development strategy. Click here for the full project submittal to the City of Everett
NOTE: The Port is not seeking an increase in the heights and densities for the revised project.

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