Port of Everett Commission selects LPC West to develop Waterfront Place P2
The Port of Everett Commission selected LPC West as the private development partner to build out the next phase of commercial, retail and residential spaces at Waterfront Place, authorizing an exclusive negotiating agreement to establish a long-term ground lease to bring the nearly 10-acre Millwright District to life.
The announcement follows a nationwide search for a quality and experienced developer to take on the largest mixed-use phase of Waterfront Place, featuring up to 60,000 square feet (sf) of retail, 200,000 sf of commercial, and 200 multi-family housing units.
LPC West is the West Coast arm of Lincoln Property Company – one of the largest diversified real estate services firms in the United States – with headquarters based in Dallas, Texas. The company represents projects throughout Washington, Oregon, California and Idaho, and are responsible for a portfolio of more than 33 million sf of commercially developed, managed and/or leased properties.
The Millwright District represents the second phase of public-private development within the Port’s 65-acre, 1.5 million sf mixed-use Waterfront Place project. It builds on the momentum and more than $150 million in investment in the project to date with the new developments at Fisherman’s Harbor, including the new 266-unit Waterfront Place Apartments, the new 142-room Hotel Indigo, the coming “restaurant row” and destination wine walk, public gathering spaces and more.
As the largest development site, the Millwright District is devoted to establishing a waterfront employment hub, supporting small-to-mid size office users with surrounding destination retail, residential and public spaces.
Site elements will be designed in coordination with Waterfront Place engineering firm, PND Engineers.
The site’s long and cherished history will be infused into the District’s design by way of architectural elements, street names and more, paying tribute to an area that long ago supported a booming lumber and shingle mill industry.
A focal point of the District is a “workman’s clocktower” designed to resemble a smokestack and inspired by the Dey Time Register that mill workers used to punch in and out each day.
Other features include the Timberman Trails, comprised of four connecting courtyards, and Champfer Woornerf, a “living street” to support events like festivals and pop-up markets.
A long-term ground lease is expected to be reached in early 2022, followed by design, permitting and construction beginning in 2023. The Port is currently building out the first phase of the project at Fisherman’s Harbor restaurant row and destination retail, with some space still available.
This Everett-based project represents LPC West’s first commercial project in Snohomish County. Their experience in waterfront development includes current efforts underway at the Port of Vancouver’s 365,000 sf Terminal 1 development, and a 560,000-sf mixed-use development for the City of Vancouver’s Washington Waterfront Gateway project.
About LPC West Inc.
Lincoln Property Company (LPC) is one of the largest real estate firms in the United States and the only company of its kind to rank among the Top 10 Owners and Top 10 managers of office, industrial, retail and multi-family developments. LPC’s West Coast operating unit – LPC West – has provided a local presence in Washington, Oregon, California and Idaho since 2005. It responsible for a portfolio of 33 million square feet of commercial properties developed, managed and/or leased. LPC West has 275 employees in eight offices in Los Angeles, Orange County, San Diego, San Francisco, Portland, Seattle and Boise.
About Waterfront Place
The Port of Everett’s Waterfront Place is a new 1.5 million square foot (sf) mixed-use development located on 65-acres at the waterfront near the downtown core in Everett, Washington. The development boasts spectacular views, waterfront access, recreational amenities and a world-class marina – the largest public Marina on the West Coast – with 2,300 slips and 5,000 linear feet of guest moorage. At full build out, the Waterfront Place mixed-use development will include 63,000 sf of retail/restaurant space, another 20,000 sf of marine retail, 447,500 sf of office, two waterfront hotels, and up to 660 waterfront housing units. Featured amenities include new trails and regional parks together with public gathering spaces, a variety of fine and casual dining, local shops and marine sales and services. The project’s expected $550+ million in public/private investment is expected to support nearly 2,100 family-wage jobs and generate $8.6 million annually in state and local sales taxes. To date, the Port has facilitated more than $150 million in public/private investment here, with more to come.