Published: Wednesday, March 5, 2008
Port will manage waterfront building
EVERETT -- The Port of Everett is going to ready its new marine district now rather than wait for its partner Maritime Trust to launch a $400 million redevelopment project.
The Craftsmen Building, a part of the project designed to accommodate a variety of boat-related retail businesses, probably makes more sense for operation by the port, said John Mohr, executive director of the port.
Noting that there are at lot of small businesses working at the port now, he said his agency is better able to "preserve the current tenant mix."
Maritime Trust of Chicago is partnering with the port to build a $400 million project that would include some 660 condominiums on the waterfront, along with a mix of retail shops, restaurants, offices and other buildings.
The port has already built a new marina for larger boats that is adjacent to the site and is working on building the roads, sewer lines and other utilities for the project. Maritime Trust has been working on securing financing to get started on the first phase of condos. But it has yet to find the money, saying banks have made things much more difficult because of the millions they've lost in the national mortgage crisis.
"Maritime Trust hasn't yet moved forward with their construction, so they don't have any revenue to offset the cost," Mohr said of the Craftsmen Building. He said the port is ready to complete the project and manage the tenants.
The plan calls for redesigning an existing building, the now-vacant facility used by the Marine Spill Response Corp. The port will keep much of the project, including its initials, changing the name to the Marine Sales and Repairs Center.
The port plans to spend about $500,000 to prepare for the marine repair tenants and to add new retail spaces on the west and south sides. New restrooms will also be added.
"We want to try to make it a good, working facility," Mohr said.
Larry Crawford of the port, who will manage the project, said he expects things to be ready for marine businesses to move in by the end of the year.
The Craftsmen Building, a part of the project designed to accommodate a variety of boat-related retail businesses, probably makes more sense for operation by the port, said John Mohr, executive director of the port.
Noting that there are at lot of small businesses working at the port now, he said his agency is better able to "preserve the current tenant mix."
Maritime Trust of Chicago is partnering with the port to build a $400 million project that would include some 660 condominiums on the waterfront, along with a mix of retail shops, restaurants, offices and other buildings.
The port has already built a new marina for larger boats that is adjacent to the site and is working on building the roads, sewer lines and other utilities for the project. Maritime Trust has been working on securing financing to get started on the first phase of condos. But it has yet to find the money, saying banks have made things much more difficult because of the millions they've lost in the national mortgage crisis.
"Maritime Trust hasn't yet moved forward with their construction, so they don't have any revenue to offset the cost," Mohr said of the Craftsmen Building. He said the port is ready to complete the project and manage the tenants.
The plan calls for redesigning an existing building, the now-vacant facility used by the Marine Spill Response Corp. The port will keep much of the project, including its initials, changing the name to the Marine Sales and Repairs Center.
The port plans to spend about $500,000 to prepare for the marine repair tenants and to add new retail spaces on the west and south sides. New restrooms will also be added.
"We want to try to make it a good, working facility," Mohr said.
Larry Crawford of the port, who will manage the project, said he expects things to be ready for marine businesses to move in by the end of the year.
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