EDMONDS — Shoulder pads and tight miniskirts are so 1980s.

And so apparently is Harbor Square.

A new analysis for the Port of Edmonds says the 14.6-acre commercial development it owns may need some updating, too.

No decision on changes is expected anytime soon, said Robert McChesney, the port’s executive director. The analysis, released last month, is simply the most recent step in the port’s ongoing effort to consider the way its properties are developed, he said.

“It’s really a discussion about economic development,” he said.

Built mostly in the late 1970s and ’80s, Harbor Square sits as a monument of sorts to commercial developments that once prospered locally and nationally.

Examples of such developments dot the landscape throughout south Snohomish County.

A collection of businesses, ranging from a Mexican restaurant to medical and real estate offices, fill Harbor Square, which lies just off Dayton Street less than a block from the waterfront.

Now, with only 70 percent of the site’s 102,450 square feet of commercial space leased, the Port of Edmonds increasingly views Harbor Square, which it purchased in 2006, as an underachieving investment.

“It’s kind of limping along,” said Bruce Faires, port commission secretary.

Zoned in the 1980s for industrial and commercial development, Harbor Square today is a relic of a bygone era, Mark Hinshaw of LMN Architects told port commissioners Nov. 16.

A strong demand for retail and office space marked the 1980s, according to Hinshaw.

“Both of those things have changed dramatically in the last few years,” he said. “Back then, nobody thought there was residential potential in this area.”

More popular today are developments that place living spaces like condos or townhouse above retail or office spaces — something the existing zoning doesn’t allow at Harbor Square.

Getting a return on its money is important for the port, which is publicly owned, Faires said. The port bought the property for $13 million — taking out an $8 million mortgage to finance the deal — and paid for the balance in cash.

Right now, “there’s no developer in the universe that can come in there and redevelop it and make any money,” Faires said.

The consultant’s analysis released last month offered three options for redevelopment.

One option considered what would happen if the 35-foot height restriction remained in place and a mix of condos and retail were added.

A second option considered development of three- to five-story buildings with condos and retail.

Under a third option, the Harbor Square Athletic Club’s tennis courts would be moved next to the railroad tracks and a cluster of townhouses or condominiums would be built in the courts’ place.

The athletic club and nearby Best Western Hotel are not considered in the analysis because both facilities are under long-term leases. Instead, the port’s redevelopment proposal looks at five buildings on 7.5 acres, including an adjacent marsh.

Projections by consultant Berk &Associates show the city would benefit most financially with a mixed-use development of three to five stories, especially if new zoning is approved by the city.

Oscar Halpert: 425-339-3429, ohalpert@heraldnet.com.