Tuesday, November 7, 2017

Everett Long-Term Lease Inked

By Karen Robes Meeks

The Port of Everett has inked a long-term ground lease with Waterfront Place Retail, LLC, an entity associated with The Schuster Group, to build restaurants and retail in Fisherman’s Harbor at Waterfront Place. The deal is expected to bring millions of dollars annually to the local economy.

The lease includes five parcels between Seiner Drive and the Esplanade, two at the entry of Waterfront Place, and the Port Gardner Landing parcel.

"We're very excited to be a part of this landmark project for the Port of Everett,” President of The Schuster Group Holly Gardner said. “The Waterfront Place project fits within our focus on emerging markets and our wheelhouse of expertise. Perhaps most importantly, it aligns with our mission of creating distinctive, sustainable projects of enduring value."

Fisherman’s Harbor is the first phase of the 65-acre Waterfront Place Central mixed-use development, which will feature 266 apartment homes, a 142-room hotel with meeting and event space and nine retail and waterfront restaurant spaces.

The area will also feature the Esplanade waterside public trail, the Dock Walk, Seiner Wharf and the Pacific Rim Plaza.

The project is expected to be completed by mid-to-late 2019.