An artist’s rendering of the planned Waterfront Place development in Everett. (SeaLevel Properties)

An artist’s rendering of the planned Waterfront Place development in Everett. (SeaLevel Properties)

Port, developer finalize terms for 266 waterfront apartments

SeaLevel Properties will buy 5.44 acres for $7 million. The project should be completed in 2020.

EVERETT — SeaLevel Properties said Monday it’s finalized a $7 million deal to buy 5.44 acres of the Port of Everett’s 65-acre Waterfront Place Central development, where the company will build two four-story buildings with 266 apartments. SeaLevel is the multi-family division of American Classic Homes based in Mercer Island.

“This is a historic transaction for the Port of Everett,” said the port’s acting chief executive, Lisa Lefeber. “This property sale allows housing on the waterfront for the first time in Everett’s history.”

Lefeber said the new housing should attract more people and more businesses.

The apartment project at 1300 W. Marine View Drive is to include a mix of studio, one-bedroom and two-bedroom units ranging from 750 square feet to 1,400 square feet. The area in the Fisherman’s Harbor District is the part of Waterfront Place closest to West View Marine Drive.

SeaLevel Properties and the port agreed in principal to the deal in 2016. Construction is expected to begin this fall and is slated for completion in 2020.

“We’re thrilled to acquire this prime development site within Everett’s Waterfront Place redevelopment,” said John Shaw, SeaLevel Properties director.

The two buildings will be “distinct but connected” and reflect three waterfront scapes, according to a news release — “a marine-water inspired experience, an industrial-inspired experience and a timber-inspired experience.”

When fully built out, the port’s Waterfront Place Central, a mixed-use development, is to include trails and parks; retail, restaurant and commercial space; and up to 660 housing units.

Janice Podsada: jpodsada@heraldnet.com; 425-339-3097.

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