Port of Everett Considers Reclaiming of Marina Village Assets
Date: Jun 8, 2017
UPDATE: The Port of Everett finalized the ground lease termination and acquisition agreement with Everett Marina Partners on July 26, 2017 for approximately $6.1 million (including closing costs).
Everett, Wash. – On June 6, 2017, the Port Commission authorized CEO Les Reardanz to execute a ground lease termination and acquisition agreement with Everett Marina Partners, LLC at Marina Village. The property has been under a long-term ground lease since opening in 1982.
If the Port proceeds with completing the agreement to end the lease after its 90-day due diligence, the Port will pay Everett Marina Partners the value based on the projected income for the fair market value on the remainder of the lease, and we will acquire five structures, and management of its nine leases and nearly 210 parking spaces.
“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.”
Marina Village is located at the western edge within the Port of Everett’s South Marina District of Waterfront Place. The site’s current service mix consists of restaurants, including Anthony’s Homeport, Anthony’s Woodfire Grill and Moon Tree Asian Tapas, as well as a hair salon, offices and medical uses.
The site was originally developed in the early-1980s following Port authorization of a 50-year ground lease with Diversified Marina Enterprises. Everett Marina Partners took shape with the addition of new partners in 1984. The original lease was set to run thru 2032.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at firstname.lastname@example.org or by phone at 425.388.0617.