Port of Everett Commission Authorized CEO to enter into a ground lease with an option to purchase with Latitude Development, LLC for the remaining 10 acres of the Riverside Business Park
Everett, Wash. – On May 9, the Port of Everett Commission authorized the CEO to enter into an 80-year ground lease for the remaining 10 acres of the Riverside Business Park with Latitude Development, LLC. The authorization also includes the option to buy and right to purchase the property.
Latitude Development, based out of Auburn, Wash., is securing the property with the goal of developing a high-quality light industrial facility on the site. The negotiated annual lease is $189,747, with up to three years to purchase the property for $7.25/square foot or approximately $3.2 million.
With Latitude’s two land leases, combined with KW Projects land sale, the three parcels are expected to generate more than 800 jobs, with 2,286 jobs including the job multiplier. The new development will also generate additional state and local taxes in excess of $733,000 and support more than 700 construction jobs. In addition to the private development, the Port just went out to bid and is moving forward to construct the new 8th Street access road and trail system to support the community’s goals of public access to the waterfront. This roadway project details are available on solicitbid.com. Bids are due June 13.
Construction on KW Projects’ site is underway, and Latitude expects to break ground on their private development in June.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at firstname.lastname@example.org or by phone at 425.388.0617.