What will it cost to live right on the waterfront in Everett’s newest neighborhood?
From nearly $400,000 to $1 million, said Ken Olsen, director of land development for Maritime Trust Co.
Chicago-based Maritime Trust is partnering with the Port of Everett to build Port Gardner Wharf, a 65-acre development on port land that will include condominiums, shops, restaurants, office buildings and marine-service businesses.
Eventually there will be about 660 condos in the phased development. Olsen said construction will begin next month on the first four buildings, which will contain 159 living units from one-bedroom homes of 835 square feet to two-story townhouses with rooftop decks.
They should be available for occupancy during the summer of 2008.
Olsen said there is a variety of styles and sizes available, but most units will have at least one thing in common – a nice-sized deck.
“One of the things we all seek out here is the ability to live outdoors,” he said. “One of the things we focused on are decks and courtyards and terraces. In every case we’re trying to get people related to the outdoors.
Olsen said Maritime is trying to build a very engaging neighborhood. In addition to the condos, the first phase will also include restaurants, shops, commercial space, offices and open space.
“One of the things we talked about was the importance of doors on the street to create a vibrant neighborhood,” Olsen said. Hence the number of two-story townhouses that will be at street level.
Other buildings will include a floor of commercial shops with condos above. None of the condo buildings will be higher than five stories because of the 65-foot height limit on the project.
The development was originally estimated at $200 million. “I wouldn’t be surprised if it’s $400 million before it’s all said and done,” Olsen said.
What will condo customers get for their money?
The least expensive units will have one bedroom and one bathroom with 835 square feet and a 57-square-foot deck. The most expensive will have two bedrooms, a large den or media room, a great room, a gourmet kitchen, 21/2 baths, nearly 2,000 square feet and a 361-square-foot deck. They’ll also have a great view.
Olsen said views were considered when the prices were established.
“You can see Mount Rainier, Mount Baker, the Olympic Range and the harbor, depending on which orientation you have,” Olsen said. “That moves the price up or down a little.”
The condo prices has been somewhat of a moving target as prices for construction materials have skyrocketed this summer. Copper and brass have risen 88 percent, wallboard is up 23 percent, steel is up 18 percent and concrete products are up 11 percent, according to the Associated General Contractors of America.
Maritime chose to frame the buildings with wood rather than steel because lumber prices have actually fallen.
Despite the fact that rising costs have pushed up prices of the units, there is still a huge demand, Olsen said.
“We’ve had real good interest from people who know the virtue of Puget Sound and realize that waterfront is becoming a scarce commodity,” Olsen said.
The development will be adjacent to a new marina being built by the port, so residents who own boats will be able to walk to them. Those who don’t own boats will get to see the activity in the marina.
Olsen said the company has advertised the units in airline magazines and in other places that have attracted people “from all over the country.” So many people have signed up for a series of open houses scheduled to begin today that the events have been for registrants only.
“If we completely opened them to the public, we’d have 2,000 people,” Olsen said. “And we just couldn’t handle that.”
Maritime had planned to open up a sales building on the waterfront site. But now it plans to wait on initial sales because it believes all the units planned for the first phase may sell out.
Port Gardner Wharf
For more information on condominiums at Port Gardner Wharf, go to www.portgardnerwharf.com and register your interest. To see a display center, call Williams Marketing at 206-285-1881.
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