Friday, July 14, 2017

Everett Seeks Marina’s Assets

By Karen Robes Meeks

The Port of Everett is in the midst of trying to acquire assets related to Marina Village.

The port is in talks with Everett Marina Partners, LLC on a ground lease termination and acquisition agreement, after the commission on June 6 authorized CEO Les Reardanz to negotiate with Everett Marina.

When completed, the agreement would allow the port to take command of the Everett Marina’s assets, which include five buildings, nine leases and about 210 parking spaces.

The port would also pay Everett Marina Partners “the value based on the projected income for the fair market value on the remainder of the lease,” which was originally set to expire in 2032.

Located within the Port of Everett’s South Marina District of Waterfront Place, Marina Village was developed in 1982 with a 50-year ground lease with Diversified Marina Enterprises, which later evolved as Everett Marina Partners.

The site features a mix of retail and offices uses, including restaurants such as Anthony’s Homeport, Anthony’s Woodfire Grill and Moon Tree Asian Tapas.

“This project is another good example of strategic investments being made throughout the Port on behalf of the District to strengthen the local economy, enhance the area’s regional identity, and preserve and create jobs while at the same time creating a highly desirable, destination waterfront community within the Waterfront Place neighborhood,” Chief of Business Development Terrie Battuello said. “The high-quality tenants at Marina Village will benefit moving forward from being closely integrated into the Port’s overall vision for this destination facility.”