Port of Everett Commission Authorizes Sale of Bay Wood Site to Latitude Development
Date: Sep 12, 2020
Everett, Wash. – The Port of Everett Commission has authorized a Purchase and Sale Agreement for approximately 13 acres of property on the Snohomish River in north Everett to Latitude Development, LLC.
The sale’s closing is dependent on multiple conditions. The Port is requiring that the purchaser first secure a high-quality tenant who will provide at least 10 jobs per acre.
“Latitude Development, LLC appreciates the Ports acceptance our offer to purchase the Bay Wood Site,” Latitude Development Principal Dave Kessler said. “We are very excited for the opportunity to partner again with the Port to bring jobs and businesses to the Everett Community.”
Before the company conducts the due diligence to examine the sale and begin design, the Port has agreed to include land segregation (reserving the shoreline portions for the Port), correct FEMA flood plain maps that incorrectly show portions of the site underwater, and seek in conjunction with Latitude a shoreline permit on the site’s master plan. These obligations may push the closing date out as many as 480 days.
“Latitude has been a wonderful partner at the Riverside Business Park, and has delivered on its commitment to the Port to create light-industrial, family wage jobs to support our community,” Port of Everett Acting CEO Lisa Lefeber said. “Bay Wood was the first property, along with Jetty Island, that the Port first bought when it was established as a Port District in 1918, so it is bitter-sweet that we are selling it during our Centennial year. But, the Port’s priority is to transform underutilized, contaminated sites back into job creation centers and tax generators, and this sale will do just that.”
The Port of Everett and the Department of Ecology completed an interim action cleanup of the Site’s upland portion in 2012, and will work closely together to complete any remaining cleanup requirements. This interim action will help facilitate the development of the upland portion of the Bay Wood property that the Port is selling. The in-water and shoreline areas that the Port is retaining also needs to undergo environmental cleanup. The Port currently has Model Toxic Control Account (MTCA) remedial action grants appropriated for this project to help pay for this cleanup. The Port envisions the site to be used as a job center, surrounded by shoreline and nearshore public access. Historically, the site has been used to support the wood products industry.
For more information, contact Lisa Lefeber at lisam@portofeverett.com or by phone at 425.388.0617.