More than 50 homeowners who signed up for waterfront condos in the Port of Everett’s $400 million Port Gardner Wharf project gathered July 31 for an update by the project team at the Everett Yacht Club.
Representatives of the developer, Maritime Trust of Chicago, and the Port of Everett made the presentation. Others attending included Leslie Williams, Dick Kellett and Mary Bingham of Williams Marketing in Seattle.
Maritime Trust officials said the project is stalled presently because, like all developers nationally in the current market the firm continues to have difficulty finding financing.
The U.S., according to a summary of the meeting, is in a 15-year-cycle with low real estate prices and the U.S. dollar is weakened on the world market. However, that makes the development very attractive to foreign investors. Maritime Trust has what they call “promising” meetings planned in August and September with potential international investors.
The most financing interest is surfacing, they were told, from $75 to $100 million investment packages, making it likely that the project will be financed in segments. Once financing is secured, the project is expected to take 18 to 24 months for completion, since infrastructure is already being installed.
Maritime Trust will hold the home prices at the same level quoted originally for those who have signed, but the dates of the contract will be changed to extend the closing dates. Currently, about one-third of the Port Gardner Wharf homes are sold, which is also a major attraction to an investor, the group was told.
The quality of the homes, as originally sold, will remain the same but Maritime Trust reserves the right to redesign unsold homes. The newest line of homes has been improved and buyers will be able to get the 2009 or 2010 line models depending when their purchases close.
Dick Kellett, the contact person for future reports on the project, can be reached at dkellett@williamsmarketing.com or by calling 425-252-8500. The next 60-day report on the waterfront project will be issued Oct. 1.
— John Wolcott
SCBJ Editor
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