The Port of Everett today announced an agreement with another developer for more retail and restaurant space at the Port’s Waterfront Place complex.
Image courtesy Port of Everett. Click to enlarge.
The Port of Everett is entering into a long-term ground lease with The Schuster Group, under a related LLC affiliate, to build and operate up to 44,431 square feet of new commercial retail and restaurants at Waterfront Place.
The Schuster Group is a nationally recognized and award-winning Puget Sound developer known for their quality work in restaurant, retail, multi-family and mixed-use developments.
The deal for Waterfront Place includes development of the two Port Gardner Landing buildings at 1710 West Marine View Drive to begin in early 2022. The 6,500 sq. ft. project, currently at 50% design, is set to house the future Woods Coffee, with the balance of the site to house Sound2Summit – a new tap room expansion for the Snohomish-based brewery. Both spaces offer expansive outdoor patio space.
Six additional sites are identified in the agreement for future development including four parcels in and around Fisherman’s Harbor (A1, A6, A7, A12), and two sites in Marina Village. These parcels create the Port’s new restaurant row at Fisherman’s Harbor and new destination wine walk.
“We’ve been closely following the Port’s plans for Waterfront Place, and we believe they have turned this location into the premier north end destination,” said Holly Gardner, President of The Schuster Group. “We are excited to be a part of this transformation and are curating a mix of local wineries, distilleries and breweries, complimented by renowned local restaurants, to create a one-of-kind waterfront experience.”
The Port’s strategic investment in Waterfront Place is transforming the face of Everett, creating a destination where you can do five things year-round – eat, drink, sleep, work and recreate. In total, the project is adding 1.5 million square feet of new mixed-use, representing more than $550 million in public/private investment.
More than $150 million has been invested in the first phase of development to date, creating a proven market with strong demand. Recent projects include the new Waterfront Place Apartments – the first ever housing in history of the waterfront – with 266 fully committed units, the new 142-room Hotel Indigo, new public spaces including a fully connected esplanade, a dock walk, the new Pacific Rim Plaza and splash fountain, public infrastructure and more.
“The level of interest we are seeing to bring these new commercial spaces online is extremely encouraging and a testament to the quality project we have established here at the waterfront,” Port of Everett CEO Lisa Lefeber said. “This forward momentum, paired with the Schuster deal, sets us up to deliver at least one building per year for full build out in five years.”
January 11, 2022
Everett Economy