Riverside Business Park Full; More than 800 jobs headed to the Site
Date: May 10, 2017
Port of Everett Commission Authorized CEO to enter into a ground lease with an option to purchase with Latitude Development, LLC for the remaining 10 acres of the Riverside Business Park
Everett, Wash. – On May 9, the Port of Everett Commission authorized the CEO to enter into an 80-year ground lease for the remaining 10 acres of the Riverside Business Park with Latitude Development, LLC. The authorization also includes the option to buy and right to purchase the property.
Latitude Development, based out of Auburn, Wash., is securing the property with the goal of developing a high-quality light industrial facility on the site. The negotiated annual lease is $189,747, with up to three years to purchase the property for $7.25/square foot or approximately $3.2 million.
With Latitude’s two land leases, combined with KW Projects land sale, the three parcels are expected to generate more than 800 jobs, with 2,286 jobs including the job multiplier. The new development will also generate additional state and local taxes in excess of $733,000 and support more than 700 construction jobs. In addition to the private development, the Port is moving forward to construct the new 8th Street access road and trail system to support the community’s goals of public access to the waterfront.
Construction on KW Projects’ site is underway, and Latitude expects to break ground on their private development in June.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at lisam@portofeverett.com or by phone at 425.388.0617.
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About the Riverside Business Park
The Port of Everett purchased the 85-acre Riverside Business Park from Weyerhaeuser in 1998. Weyerhaeuser operated a Mill on the site from 1915-1980s. The environmental cleanup on the site concluded in 1999. Over the years, the Port has improved the property with fill, roadways, utilities and raised the property out of the flood plain. The property has been sub-divided into nine (9) parcels, some of which have already been developed. Approximately 38 usable acres remain for development zoned for heavy to light industrial use. The Port Commission’s goals for the property are to support jobs and tax base for the Port District. In 2007, the Port sold 5-acres of the business park to Motor Trucks International, and in 2012, the Port sold nearly 16-acres of the business park, which included a long-term lease with Allied Waste, to Snohomish County.