Port of Everett Expanding Waterfront Place

Yesterday the Port of Everett announced plans to expand its Waterfront Place project with another building.

The Port of Everett’s 65,000 square foot Waterfront Center, located at 13^th Street and Craftsman Way, is now 100 percent leased.

This week, All Ocean Services, a maritime provider, moved in to the former Marina office space, Bluewater Distilling and Cocktail Bar is opening on Saturday to the public, and the Marina office is now in its new space next to Seas the Day Café.

At the Port Commission meeting on July 7, ArrowCat Marine’s lease was extended and enhanced to increase their footprint at the Port of Everett, and Everett Yacht Service and Repair is also working on expansion plans in the Craftsman District.

With the Marina occupancy at 95 percent (up 20 percent since 2013), and because Waterfront Center is full, the Port of Everett is exploring conceptual plans for a new building to support and enhance Waterfront Center.

The building would be located to the east of Waterfront Center building along 13^th Street, and could include up to 15,000 square feet of building pads support marine services and retail. The building is consistent with the Waterfront Place Central Development Plan that was adopted by the Port Commission and the Everett City Council in early 2015.

Next, Port staff will complete a pro-forma for the proposed building, develop a leasing strategy and vision for the building and bring it to the Port Commission for consideration. If you are a marine service company or retailer interested in locating at the Port, please contact Taylor Nuccitelli at taylorn@portofeverett.com.

The Port of Everett has also announced it is looking for a housing developer to start constructing its vision for housing in the Fisherman’s Harbor area in the Central portion of Waterfront Place. Here are the details…

The Port of Everett today released its first request for qualifications for housing developers for Fisherman’s Harbor in its Waterfront Place Central Development project. The RFQs will be due October, and we hope to have a developer on board by the end of the year, with the first units under construction in 2016/2017.

The first residential units will emerge along Seiner Drive in Fisherman’s Harbor near 14^th Street and West Marine View Drive. It will include 204 apartment housing units, with amenities and improvements that will create a highly desirable neighborhood with spectacular water and mountain views and recreation access.

In January, the Port received the results of an independent housing study by O’Connor Consulting Group that found a strong market demand for the project’s proposed housing units in the Greater Everett area. O’Connor determined that the strong employment base, growing aerospace presence and younger population would drive demand at market rents for this project.

Our study of projected demand found current and prolonged vacancy rates well below equilibrium, signaling a direct demand for new housing in the Waterfront Place Central development,” said Brian O’Connor, principal with O’Connor Consulting Group. “It is not often that an opportunity to develop waterfront property with the amenity of a marina presents itself. This development has a significant upside.”

Fisherman’s Harbor, the first phase of the Waterfront Place Central development, is located on 5.56 acres adjacent to West Marine View Drive. This district will be a year-round hub of activity that includes 204 apartment units, 120 room hotel, five commercial buildings and numerous retail and waterfront restaurant spaces. The key public features of this area include: a continuous public trail, floating activity barges, a dock walk for visitors to get down to touch the water, a large park that will pay tribute to our international seaport, and a small boat course.

“This waterfront, and this city, is on the verge of a renaissance, one that will put Everett on the map, and be a destination for employers, families, boaters, watersport enthusiasts and, most of all, FUN,” said Terrie Battuello, the Port’s Chief of Business Development.

Along with the release of the RFQ for housing, the Port is also considering proposals on parcels in Fisherman’s Harbor from developers. This includes:

• 47,300 sq. ft. retail
• 155,500 sq. ft. office
• 13,000 sq. ft. restaurant
• 86,000 sq. ft. hotel

The Waterfront Place Central project, which was approved by the Everett City Council in January, will create a new community where people can live, work, shop, relax and find entertainment. It includes 15 new public gathering spaces, up to 660 housing units, two waterfront hotels, at least 10 fine and casual dining restaurants, and 662,000 sq. ft. of commercial, retail and marine sales and services.

The project brings $33 million in public infrastructure funded by the Port’s capital improvement plan, plus immediate opportunities for private developers anticipated at $330 million. At full build out, the project will support more than 2,000 jobs and $8.6 million in new tax revenue for the city.

Some highlights from the housing study include:

• Everett has historic vacancy levels at 2.6%; vacancy under 5% is considered under supplied (see figure 1)
• The need for housing in Everett will exceed the amount supplied by Waterfront Place Central
• Amenities and improvements planned for the Port of Everett’s 65-acre site produce a highly desirable neighborhood with spectacular views and water and recreation access.
• O’Connor says the new neighborhood and rare waterfront location boasts quick access to the downtown and to arterials ranging from Seattle to the Eastside
• The housing development opportunity supports rents with a weighted average of $1.70 per foot indicating it is a commercially viable market opportunity for private developers
• The majority of Everett residents (51% as of 2010) are renters
• The median household income in Everett was at $46,540 in 2013 and it is expected to increase to $53,585 by 2018. This suggests an income growth of 2.86% per year
• The top tapestry segment in the Greater Everett area are individuals in their late-30s (15.6%) (see figure 2)

The Port of Everett already has a list for people interested in housing units in Waterfront Place Central. If you are interested, you can email kristelleh@portofeverett.com and ask to be added to the list.