Published April 2003
Port
of Everett a step closer in developing waterfront
By
Mike Benbow
Herald Business Editor
A major redevelopment
effort that would transform a big chunk of Everett’s waterfront into more
people-oriented uses won unanimous approval from the Port of Everett’s
three commissioners in March.
The commissioners
approved a predevelopment contract between the port and Maritime Trust
Inc. of Chicago for a $200 million redevelopment of the north marina that
would add shops, condominiums, public spaces and restaurants to an area
now dominated by industrial and marine trade businesses.
The area to be redeveloped
lies between Marine View Drive and the water and 16th and 10th streets.
In addition to the land redevelopment, the port also plans to add a second
major marina that would focus on providing slips for larger boats.
John Mohr, the port’s
executive director, said the agreement is a milestone as the waterfront
evolves from its industrial roots to something that will be more accessible
and interesting to the general public.
“What’s really wonderful
about this is that this is one of the most singular events to change the
image of the Everett waterfront,” Mohr said. “We have the Navy base, but
this is the first redevelopment focused on residential and retail.”
The agreement spells
out the responsibilities of the port and Maritime Trust, and will serve
as a framework for future negotiations.
Phil Bannan, port
commission president, thanked the professionals who helped prepare the
agreement, including port attorney Brad Cattle and Tom Gaffney, a senior
partner of Moss Adams LLC of Everett.
Gaffney was hired
to investigate the business plan and evaluate Maritime Trust’s ability
to obtain financing and complete its share of the development.
Under the agreement,
the port is responsible for developing the new marina and for installing
the infrastructure and public access — roads, sewer and water lines, electricity,
etc. — for the development.
Maritime Trust must
invest $10 million of its own money in the project. It must also secure
permits and financing and build the rest.
Each side will get
a return on its investment and split any profits.
The development will
take place over the next 10 years. Construction of the marina will come
first, because port studies show there is considerable demand for boat
moorage.
“We expect to have
the new marina going in 2005,” Mohr said. “It sounds like a long time
from now, but it sure isn’t. The new marina development will really allow
people to see how this whole development is going to build out.”
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