(EDITOR’S NOTE: According to sources with direct knowledge of the transaction detail, the price for the site was $7 million. $3 million was due at closing, and two paments of $2 million will be paid at a future date when the rents are considered stabilized.)
Everett, WA – June 18, 2018 — SeaLevel Properties (www.sealevelproperties.com) and the Port of Everett closed their deal for a 5.44 acre site within the Port’s Waterfront Place Central mixed-use development to make way for new waterfront apartment homes (www.EverettWaterfrontApartments.com). Construction is expected to begin later this year.
Located at 1300 W. Marine View Drive in the Port’s 65-acre Waterfront Place Central project, the 266-unit housing project will feature a mix of studio-, one-, two- and three-bedroom homes ranging from 750 sq. ft. to 1,400 sq. ft. in two distinct, yet connected 4-story buildings.
“We’re thrilled to acquire this prime development site within Everett’s Waterfront Place redevelopment,” said SeaLevel Properties Director John Shaw. “We anticipate strong demand for these homes and look forward to setting a high bar for residential design in Fisherman’s Harbor and Waterfront Place.”
“This is a historic transaction for the Port of Everett,” Port of Everett Acting CEO Lisa Lefeber said. “This property sale allows housing on the waterfront for the first time in Everett’s history, and creates the population necessary to support a vibrant Waterfront Place project. I want to thank Sealevel for believing in the vision of Fisherman’s Harbor and the Port of Everett staff for pulling this complicated transaction together.”
With completion slated for 2020, SeaLevel’s apartment homes at Fisherman’s Harbor are designed to reflect three unique waterfront experiences: a marine/water-inspired experience, an industrial-inspired experience, and a timber-inspired experience.
The design includes a combination of contemporary urban design and rugged urban materials that pay tribute to the natural resources of timber, steel and water on the Puget Sound. The project will also maximize the Port’s infrastructure features and pedestrian patterns, with lobbies to activate streets and a lively and attractive public realm.
The Port continues its $85 million public infrastructure investment this year by building additional roadway access, constructing new public spaces to connect with the new Pacific Rim Plaza and Splash Fountain, and building new marine infrastructure at Fisherman’s Harbor, including a new guest dock that doubles as a public dock walk. At full build out, the Waterfront Place Central mixed-use development will include new trails and regional parks together with public gathering spaces, up to 660 housing units, Hotel Indigo, a business and lifestyle waterfront hotel, fine and casual dining restaurants and commercial, retail and marine sales and services. The project includes five (5) districts: Fisherman’s Harbor, the Millwright District, the Esplanade District, Wharf’s Edge and the Craftsman District. The Craftsman District was completed as part of the Port’s development of a boatyard in 2009, and Fisherman’s Harbor is the first phase of the mixed-use project to proceed. The entire project will support more than 2,000 jobs and $8.6 million in new tax revenue to state and local governments. Hotel Indigo, a 142-room business and lifestyle hotel broke ground in March and has gone vertical in the last weeks. They expect to be open mid-2019 and will feature full amenities, a 150-seat restaurant and a 5,000-sq. ft. conference and event space.
About SeaLevel Properties. SeaLevel Properties is a local, family-owned builder, focusing on multi-family development. Taking great pride in its reputation for superior quality, attention to detail, and thoughtful development with community in mind, SeaLevel maintains a collaborative approach on all projects. SeaLevel Properties entered the multi-family development market in early 2016, and has quickly developed a presence in the Puget Sound area with more than 600 units currently under development. http://sealevelproperties.com. As a locally-focused firm led by local real estate experts John Shaw and Kyle Weeks, SeaLevel Properties officially launched in 2016 and has multiple multi-family projects under development throughout the Puget Sound region. Recently, SeaLevel Properties broke ground on a five-story, 64-unit, 20,000 sq. ft. project targeting students in the University District. The Vale Apartments, a five-story, 110-unit apartment building located in charming downtown Issaquah, broke ground in August 2017. SeaLevel Properties is also constructing a 59-unit, 32,000 sq. ft. apartment building located in the heart of the Pike/Pike Corridor in Seattle’s Capitol Hill neighborhood, which will break ground in late 2018. SeaLevel Properties’ SAMM Apartments (www.LiveAtSAMM.com), a new 132,000 sq. ft. multi-family building located within the Sammamish Town Center in Sammamish, Wash. is also more than 95 percent leased since opening in mid-August 2017.
About the Port of Everett
The Port of Everett is a special purpose district tasked with economic development. Through operation of international shipping terminals, the largest public marina on the West Coast and real estate development ventures, the Port of Everett supports more than 35,000 jobs in the region and contributes $373 million to state and local taxes. The Port is also a committed steward of the environment and provides ample waterfront public access. The year 2018 marks the Port of Everett’s centennial year. As the Port reflects on its first 100 years, it’s also making major investments to prepare for the future. The Port is moving forward with key Strategic Capital Initiatives that will shape its next 100 years including modernizing its Seaport facilities to prepare for the next generation of cargo with its $36 million South Terminal Modernization project – the largest maritime construction project on the West Coast today. The Port is also creating a new waterfront community where people can live, work and play with its 65-acre mixed-use Waterfront Place Central Development. Additionally, the Port is investing in its marine infrastructure to support the Marina of the future, and is in final phases of developing its Riverside Business Park into a light industrial manufacturing hub.