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September 19, 2019

Work starts on Everett waterfront apartments

Construction has begun on Everett Waterfront Place Apartments, which are part of the Port of Everett's larger 65-acre Waterfront Place. SeaLevel Properties and Gracorp are partnering on the two-building project, which will have about 266 units and total around 247,000 square feet. The four-story buildings, at 1300 and 1400 W. Marine View Dr., represent the first residential component to the broader redevelopment effort, which also includes retail, small offices, restaurants, a Hotel Indigo, parks and other amenities. SeaLevel is targeting 2021 for a phased completion of the north and south buildings.

SeaLevel's John Shaw said in a statement, “We believe the market is ready for this type of multifamily project in Everett, and pre-leasing interest continues to outpace our expectations.”

The team also includes Tiscareno Associates, architect; and Gracorp affiliate Graham Construction, general contractor. Financing came through a HUD loan and a 28-month, interest-only $66.8 million construction loan arranged by Stuart Oswald of NorthMarq.




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