Port of Everett, Schuster Group Strike Deal to Develop New Destination Retail, Restaurants at Waterfront Place
The Port of Everett is entering into a long-term ground lease with The Schuster Group, under a related LLC affiliate, to build and operate up to 44,431 square feet of new commercial retail and restaurants at Waterfront Place.
The Schuster Group is a nationally recognized and award-winning Puget Sound developer known for their quality work in restaurant, retail, multi-family and mixed-use developments.
The deal for Waterfront Place includes development of the two Port Gardner Landing buildings at 1710 West Marine View Drive to begin in early 2022. The 6,500 sq. ft. project, currently at 50% design, is set to house the future Woods Coffee, with the balance of the site anticipated to house Sound2Summit – a new tap room expansion for the Snohomish-based brewery. Both spaces offer expansive outdoor patio space.
Six additional sites are identified in the agreement for future development including four parcels in and around Fisherman’s Harbor (A1, A6, A7, A12), and two sites in Marina Village. These parcels create the Port’s new restaurant row at Fisherman’s Harbor and new destination wine walk.
“We’ve been closely following the Port’s plans for Waterfront Place, and we believe they have turned this location into the premier north end destination,” said Holly Gardner, President of The Schuster Group. “We are excited to be a part of this transformation and are curating a mix of local wineries, distilleries and breweries, complimented by renowned local restaurants, to create a one-of-kind waterfront experience.”
The Port’s strategic investment in Waterfront Place is transforming the face of Everett, creating a destination where you can do five things year-round – eat, drink, sleep, work and recreate. In total, the project is adding 1.5 million square feet of new mixed-use, representing more than $550 million in public/private investment.
More than $150 million has been invested in the first phase of development to date, creating a proven market with strong demand. Recent projects include the new Waterfront Place Apartments – the first ever housing in history of the waterfront – with 266 fully committed units, the new 142-room Hotel Indigo, new public spaces including a fully connected esplanade, a dock walk, the new Pacific Rim Plaza and splash fountain, public infrastructure and more.
“The level of interest we are seeing to bring these new commercial spaces online is extremely encouraging and a testament to the quality project we have established here at the waterfront,” Port of Everett CEO Lisa Lefeber said. “This forward momentum, paired with the Schuster deal, sets us up to deliver at least one building per year for full build out in five years.”
Interested in retail opportunities? Contact Holly Gardner at 206.529.3914 or email@example.com.
For additional information, contact Catherine Soper, Port of Everett Communications & Marketing Director at firstname.lastname@example.org or Holly Gardner, President of the Schuster Group at 206.529.3914 or email@example.com.
About The Schuster Group
Established in 1989, The Schuster Group is a fully-integrated real estate investment, development, consultation, and management firm. As a nationally recognized award-winning developer, The Schuster Group has built a distinguished reputation of developing dynamic environments by uniquely blending vision, creativity and high-performance processes. Leveraging this brand and reputation on behalf of our clients, we create distinctive, sustainable projects of enduring value. Over the course of three decades the firm grew from a one-man shop into a multi-faceted group of companies, and one of the most successful private equity investment and development firms in the Pacific Northwest. Utilizing a hands-on approach, the firm takes pride in developing projects that strengthen our local communities and provide inspired locations for people to live, work, and play.
About Port of Everett’s Waterfront Place
The Port of Everett’s Waterfront Place is a new 1.5 million square foot mixed-use development located on 65-acres at the waterfront in Everett, Washington. The development boasts spectacular views, waterfront access, recreational amenities and a world class marina – that largest public Marina on the West Coast – with 2,300 slips and 5,000 linear feet of guest moorage. At full build out, the Waterfront Place mixed-use development will include 63,000 square feet (sf) of retail/restaurant space, another 20,000 sf of marine retail, 447,500 sf of office, two waterfront hotels, and up to 660 waterfront housing units. Featured amenities include new trails and regional parks together with public gathering spaces, a variety of fine and casual dining, local shops and marine sales and services. The project’s expected $550 million in public/private investment is expected to support nearly 2,100 family-wage jobs and generate $8.6 million annually in state and local sales taxes. To date, the Port has facilitated more than $150 million in public/private investment here, with more to come.