The Schuster Group Secures Bulk Retail at the Port of Everett's New Waterfront Place Development
Date: Oct 25, 2017
For Immediate Release: October 25, 2017The Schuster Group Secures Bulk Retail at the Port of Everett’s
New Waterfront Place Development
Everett, Wash. – On October 24th, the Port Commission authorized the CEO to sign a long-term 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 long-term ground lease includes five parcels tucked between Seiner Drive and the Esplanade, two parcels at the entry of Waterfront Place, and the Port Gardner Landing parcel (the previous location of the historic Weyerhaeuser Building). The Schuster Group long-term land lease will bring millions of dollars a year in new business to the local economy. (The red parcels to the right indicate the areas of interest to The Schuster Group)
The Schuster Group is a nationally recognized and award-winning developer. Over the years, the company has earned recognition for their work in restaurant, retail, multi-family and mixed-use developments. Some recent well-known mixed-use projects they have worked on include Mosler Lofts, Joseph Arnolds Lofts, and Muriel’s Landing.
"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, the first phase of the 65-acre Waterfront Place Central mixed-use development, is located on 12 acres adjacent to West Marine View Drive in North Everett. This district will be a year-round hub of activity that includes approximately 266 apartment homes, a 142-room hotel with meeting and event space including a ball room, and nine retail and waterfront restaurant spaces. The key public features of this area include: a continuous waterside public trail known as the Esplanade, the Dock Walk allowing visitors direct access to the water, Seiner Wharf displaying commercial fishing vessels along an old fashioned reinforced wooden wharf, and, the jewel of the district, Pacific Rim Plaza – a storytelling tribute to our international seaport mission featuring an elaborate splash fountain.
The project schedule for the parcels in Fisherman’s Harbor is set to align with the residential development and the hotel development, with an anticipated delivery and opening date in mid-to-late 2019. With the approval of the ground lease, The Schuster Group will begin actively marketing the development and seeking high-quality local tenants for the restaurant and retail spaces. The Schuster Group and the Port envision a diverse and complimentary mix of northwest restaurateurs and retailers that will meet an unmet demand in Everett for a vibrant and active retail center. Interested parties should contact Holly Gardner at 206-529-3914 or hgardner@theschustergroup.com.
For more information, contact Lisa Lefeber, the Port’s Chief of Policy and Communication, at lisam@portofeverett.com or by phone at 425.388.0617 or Holly Gardner, President, Schuster Group at 206.529.3914.
BACKGROUND
Fisherman’s Harbor & Construction Status
In 2017, the Port began work on a $12 million public infrastructure to build the new Seiner Drive and 14th Street roadways, the Esplanade trail system in Fisherman’s Harbor, the Pacific Rim Plaza, new bulkhead, overwater platform, provide landscaping for all the public spaces and realign pipelines in the City of Everett’s Puget Sound stormwater infrastructure located within the site. This infrastructure work is well underway and is scheduled to be complete in early 2018. Vertical construction for the housing units and hotel are expected to begin construction in early 2018, with an anticipated opening dates in mid-2019. The construction activity in Fisherman’s Harbor will support 1,000 temporary construction jobs, 335 direct jobs, $7.6 million in annual payroll, and generate approximately $1 million in annual state and local taxes.
About Schuster Group
Established in 1989, The Schuster Group is a fully-integrated real estate investment, development, consultation and management firm, headquartered in Seattle, Washington. As a nationally recognized award-winning developer, The Schuster Group has built a distinguished reputation of developing dynamic environments by uniquely blending vision, creativity and high performance processes. Leveraging this brand and reputation on behalf of its clients, The Schuster Group has been creating distinctive, sustainable projects of enduring value for over 25 years. For more information, visit: www.theschustergroup.com.
About the Waterfront Place Project
The Waterfront Place Central project will create a new waterfront neighborhood where people can live, work, shop, relax and find entertainment. Overall, it includes 15 new public gathering spaces, up to 660 housing units, a waterfront hotel, up to 10 fine and casual dining restaurants, and 662,000 sq. ft. of commercial, office, retail, and marine sales and services uses. At full build out, the project will generate approximately $500 million in private investment and support more than 2,000 direct, indirect and induced jobs and generate $8.6 million in new annual tax revenue for the city.