Port of Everett Commission Authorizes $3.8M Purchase and Sale Agreement with Snohomish County for Last 15.35 Acres of Riverside Business Park
Date: Apr 13, 2020
Everett, Wash. – The last two industrial development parcels at the Port of Everett’s Riverside Business Park are officially off the market. Late last month, the Port Commission authorized a $3.8 million Purchase and Sale Agreement (PSA) with Snohomish County for Lots 7 and 9, collectively representing approximately 15.35 acres of raw land located off East Marine View Drive on the Snohomish River.
The parcels neighbor the County’s existing solid waste facility at the business park and provide the opportunity for future expansion of solid waste and public works uses at the site.
“We appreciate our partnership with the Port of Everett and the opportunity to use this crucial piece of property to better serve the public,” said Snohomish County Public Works Director Kelly Snyder. “We know it’s important to the residents of Everett and the Port to activate this unused property. By putting this land into productive use, we are improving our operations and preparing for future needs.”
The negotiated sales price of $3,806,055 represents a blended value taking into consideration the various unusable or pledged lands for required shoreline setbacks and site easements, while also factoring in the proportionate cost share of existing site improvements including roadways, utilities and required public trail segments. This brings the collective useable property to approximately 11 acres at a fair market value of $7.94 per square foot.
PSA terms provide for a 45-day feasibility period by the purchaser to fully evaluate the acquisition. Closing is anticipated by June 15, 2020.
“The Port’s demonstrated development and investment in Riverside Business Park, despite a long environmental legacy, has improved the potential for effective use of these two lots,” said Terrie Battuello, Port of Everett’s Chief of Business and Economic Development. “The proposed use not only offers highest and best use, but also, provides an essential service to the community and limits additional traffic in a congested area of the city.”
Environmental remediation and subsequent development at the business park have proven to be an economic success. Today, the site serves a variety of light-industrial users representing regional service functions from aerospace supply chain to trucking and distribution. More than 600 are employed here now, and by full build out, the once vacant land will support 800 direct jobs, 2,300 indirect jobs, 700+ temporary construction jobs, and contribute $730,000 annually to state and local taxes.
The Port purchased the 85-acre property from The Weyerhaeuser Company in 1998, who operated its Mill B at the site from 1915 through the 1980’s. As part of the Port’s statutory charter to create economic opportunities and jobs, the Port Commission envisioned transforming the raw land into an industrial park that would do just that. Over the years, the Port has continued to make improvements to the site, including a major cleanup removing legacy contamination, bringing in thousands of cubic yards of clean fill to raise the site out of floodplain levels and constructing infrastructure to support future site development including roadways, utilities, viewpoints and trails and adding native riparian landscaping.
With all acreage spoken for, the final pieces of the puzzle include conveyance of public infrastructure to the City of Everett, including all site roadways, utilities and trails, as required under the General Transfer Agreement between the Port and City, as well as transition of the Riverside Business Park Association to the new ownership.
For additional information, contact Catherine Soper, Public Affairs Manager, at 425-388-0680 or by e-mail at firstname.lastname@example.org.