EVERETT – Plans to save the historic Collins Building on the waterfront call for it to house a restaurant, a group of artists and a marine storage facility, Port of Everett commissioners were told Tuesday.
That’s the latest idea from the Collins Building Redevelopment Group, said director Richard Sullivan.
Sullivan said marine storage was considered as a good early use to provide operators of the building with money to help make improvements and to seek different tenants.
But he said plans for those different tenants could accelerate because of early interest by restaurant planners, a group of 20 artists and three entrepreneurs interested in operating businesses in the former casket company building. The businesses involve yachting, chocolate making and a spa, Sullivan said.
“We started getting responses back that seemed to make a phased project move more quickly,” Sullivan said.
Sullivan also said the redevelopment group had engaged an employee of the nonprofit group Historic Seattle to help them prepare applications for grants and also to explore selling tax credits to raise money to make seismic and other improvements on the structure.
Where money would come from for the work was a key question of the commissioners.
“I’m skeptical,” said commissioner Connie Niva. “Our biggest fear is that you would get halfway through (and leave the rest to the port).”
Sullivan also said money was his biggest concern.
“We don’t want to start without the money in front of us,” he said. “Getting halfway through doesn’t help any of us.”
Commissioner Phil Bannan noted that if he was a lender, he would want to see the building at least 60 percent leased to tenants before he would offer money.
Sullivan said that’s one reason why his group may need a bridge loan to carry it through making needed improvements and getting some tenants. Responding to a question, Sullivan said there is no plan to move the building because that would jeopardize its historic status.
And he said there is no plan to replace the 126 cedar pilings the structure sits on. Instead, the plan is to remove some fill under the building, shore up the pilings, install seismic upgrades and put the fill back in.
“It will be much cheaper than replacing the pilings,” he said.
Sullivan said he hopes to raise $1.7 million by selling the tax credits to a syndicate. That would certainly help in getting the necessary bank loans and in attracting tenants, he said.
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