Published April 2002

Nautica construction finishes, tenants move in

By Kimberly Hilden
Herald Business Journal Assistant Editor

After a year-and-a-half of construction, The Nautica has residential tenants moving in and is looking for commercial occupants to fill its ground-floor retail space.

In mid-February, the two-building mixed-use development received its certificate of occupancy for the north building, developer Steven Cupic said, adding that the south building should be completed in April or May, with a grand-opening celebration to follow.

At that time, the downtown Everett project, located on the northwest corner of Hewitt and Grand avenues, will include 121 finished apartment units, one level of underground parking and one level of above-ground parking with commercial space.

While construction is finishing up, prospective tenants are popping by, said Property Manager Shannon Dewease, who is with Precision Management Co.

“Between what’s renting and coming up, we have a total of 20 pre-leased, and we have people coming by every day picking up applications and expressing interest,” she said, adding that 13 apartments are already occupied.

The apartments, which are wired for high-speed Internet access and include a washer and dryer in every unit, rent for an average of $925, with studios beginning at $615 and a two-bedroom/two-bathroom unit starting at $1,100, Dewease said.

Other amenities include floor-to-ceiling windows, a rooftop terrace, a fitness center and social room, and “beautiful views of the Puget Sound, Cascade mountains and Olympic mountains,” said Dewease, adding that DSL service is free for one year.

Of those stopping by for a tour, about 75 percent are people already living in Everett and the surrounding area, she said.

As Dewease concentrates on the residential side of things, Dennis Wagner, aka Downtown Dennis, is in charge of leasing 4,400 square feet of commercial space, which is priced at $21 per square foot full-service gross, Wagner said.

The space is divided into two sections, a 1,000-square-foot piece and a 3,400-square-foot piece, he said, adding that a security-guard company, a dentist, a lawyer and an architect have been among those expressing interest.

The $9.5 million Nautica is a joint venture between Cupic and developer Mike Mastro. Global Construction of Seattle is the general contractor on The Nautica, and HomeStreet Bank is the construction lender.

For more information on residential leasing, call Dewease at 425-339-1331. For more information on commercial leasing, call Wagner at 425-257-2000.

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