With the sun shining on the glistening waters of Port Gardner Bay and the smell of saltwater commingling with the muted cry of seagulls in the air, the appeal of Everett’s waterfront was on display at the May 17 groundbreaking ceremony for Port Gardner Wharf.
More than 250 people attended the event for the $400 million, public-private redevelopment project by the Port of Everett and Chicago-based Maritime Trust Co.
Years in the making, the three-phase project on 65 acres of port land will create 660 condominium units; thousands of square feet of office, retail and maritime service space; and 18 acres of public waterfront access in the form of walkways, parks and a plaza.
When built out, the project is expected to create more than 4,100 direct and indirect jobs in the area, according to officials, with $105.6 million in direct payroll and $142.5 million in total income generated in Snohomish County. It also is expected to generate more than $14 million annually in tax revenue for the city, county, state and other special-use districts.
The first phase now getting under way will include 159 condos along with shops, 15,000-square-feet of office space and an area for marine tradesmen with 15,000 square feet of marina-based retail.
According to Maritime Trust, 135 reservations already have been taken for condo units in Phase 1, with prices ranging from $400,000 to $1 million.
Maritime Trust President Bert Meers said the project’s on-site sales office has just opened in the port’s former banquet and conference center on the waterfront, and his company will be contacting people on the reservation list within the next month to convert those reservations into contracts.
Phase 1 is scheduled for completion in early 2009, with Phase 2 expected to begin next summer and Phase 3 expected to begin in winter 2009, according to Maritime Trust.
Snohomish County Herald Business Journal
