PORT COMMISSION AUTHORIZES SALE OF 2.26 ACRES TO WILLIAMS INVESTMENTS
On February 9, 2021, the Port of Everett Commission authorized a $3.6 million Purchase and Sale Agreement with Williams Investments for the sale of approximately 2.26 acres of Port property located along Everett’s working waterfront, between 23rd and 25th Streets on the east side of West Marine View Drive (see orange on image).
The property includes two parcels overlooking the Port of Everett’s international seaport and Naval Station Everett. The area is zoned for residential with development anticipated to begin in 2023. A holdback provision prompts development of the site, requiring construction to begin no later than December 31, 2023 to avoid forfeiture of escrow funds back to the Port.
The escrow holdback of $1.55 million can apply to specific extraordinary construction costs that could be required by Williams Investments, upon which the residual land sale price was predicated. If all escrowed funds are spent, the Port would receive $2.07 million.
As part of this land transaction, a covenant on title provides notice and acknowledgment of the area’s surrounding maritime and national security functions to continue unhindered.
A 45-day due diligence period is currently underway, with closing anticipated in April 2021.
For additional information, contact Catherine Soper, Public Affairs Manager, at 425-388-0680 or by e-mail at catherines@portofeverett.com.
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