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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