Port of Everett Commission Authorized CEO to enter into a ground lease with an option to purchase with Latitude Development, LLC for 10.74 acres of the Riverside Business Park

For Immediate Release: October 17, 2016

Port of Everett Commission Authorized CEO to enter into a ground lease with an option to purchase with Latitude Development, LLC for 10.74 acres of the Riverside Business Park

 Everett, Wash. – On October 11, the Port of Everett Commission authorized the CEO to enter into a 50-year ground lease for 10.74 acres in the Riverside Business Park with Latitude Development, LLC. The authorization also includes the option to buy and right to purchase the property.

With this transaction, the Port’s 38-acre Riverside Business Park is now under contract.

 The ground lease area includes 467,593 square feet of space, and the developer has expressed interest in building and leasing facilities to one or more tenant. The negotiated annual lease is $210,416.85, with up to three years to purchase the property for $6.75/square foot or approximately $3 million. After three years, the purchase price is based on the current appraised value of the land. Latitude has a 120-day study period.

For more information, contact Lisa Lefeber, Director of Policy and Communication, at lisam@portofeverett.com or by phone at 425.388.0617.

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About the Riverside Business Park

The Port of Everett purchased the 85-acre Riverside Business Park from Weyerhaeuser in 1998. The property was sub-divided into nine (9) parcels, some of which have already been developed. Approximately 38 usable acres remain for development zoned for heavy to light industrial use. Over the years, the Port has improved the property with fill, roadways and utilities. The Port Commission’s goals for the property are to support jobs and tax base for the Port District. In 2007, the Port sold 5-acres of the business park to Motor Trucks International, and in 2012, the Port sold nearly 16-acres of the business park, which included a long-term lease with Allied Waste, to Snohomish County. There is currently a contract pending with Panattoni Development for approximately 10 acres and KW Projects for 16 acres. With the Latitude ground lease, the entire master plan site is under contract.