EVERETT — The Port of Everett has agreed to sell nearly 10 acres for $3.689 million to a developer to construct an industrial building at the Riverside Business Park.
Panattoni Development Company wants to start construction next spring and finish by December 2018. The project is being called Glacier Peak at Riverside Business Park. The business park is at 505 East Marine View Drive along the Snohomish River.
Panattoni Development is based in Newport Beach, California, but it is an active developer in Washington. The Seattle office has developed 16 million square feet of commercial space in the Puget Sound area with 4.4 million currently under development.
“Panattoni is excited to be working with the Port and the city of Everett on another state-of-the-art industrial building. This project will be adding to our resume of over a dozen buildings in Snohomish County all of which were successful projects for us,” said Donnie Belk, a senior development manager with Panattoni.
Panattoni has a 60-day study period, followed by 30 days to close.
The Port of Everett purchased 85 acres along the river from Weyerhaeuser in 1998. Weyerhaeuser had operated a mill on the site from 1915 until 1980s.
Over the years, the port has improved the property with fill, roadways, utilities and raised the property out of the flood plain. The port also carved a 38-acre business park out of the Weyerhaeuser property. All but two lots of the business park are under contract.
Jim Davis: 425-339-3097; email@example.com; @HBJnews.