EVERETT — The project is working but patience is required.
That’s the message a consultant gave last week to city leaders in an update about the Riverfront project.
The multi-million dollar venture is supposed to turn industrial land on the Snohomish River into an upscale development with shops, homes and tons of open space.
“That is still the vision, it is still on track,” said Jim Reinhardsen, managing director of Heartland, a Seattle real estate consulting firm.
Officials initially thought it might happen by now.
Instead, the floundering economy has slowed the project, he said.
The city continues to move forward on some of its projects to improve the site.
Everett’s partner in the project, San Diego developer Oliver McMillan, continues to work every connection it has to secure potential retail tenants, he said. So, too, does the city.
Some companies have expressed interest but not enough anchor tenants have committed to move forward, Reinhardsen said.
The developer has until 2017 to break ground on the project. Reinhardsen said he didn’t want to pin down a date.
“I want to manage expectations,” he said. “The desire to push forward has been very strong. There isn’t enough anchor interest to make it work.”
He did say it was unlikely to take six years.
“This is not a project I recommend you force out the door just to make sure it happens,” he said.
Debra Smith: 425-339-3197; dsmith@heraldnet.com.
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