Affected businesses had banded together, saying they feared the project could essentially ruin them.
The Seattle Times reported that some 4 million people visit the city's waterfront each year. Ivar's president Bob Donegan says more than half of them are estimated to visit between June and September.
Under the terms of the deal announced this week, most of the businesses on Piers 54, 55, 56 and a part of 57 agreed to close between October 2014 and June 2015 to accommodate the construction work. The Great Wheel, Argosy Cruises and the Seattle Aquarium will remain open.
Voters approved a bond measure that provides most of the funding for the estimated $335 million project.
The seawall was weakened by the 6.8 magnitude Nisqually earthquake in 2001.
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