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EVERETT, WA-The Port of Everett has selected Maritime Trust Company Inc., a Connecticut-based developer, as its first choice to transform the Port’s north marina area from an industrial center into a public-friendly commercial development complete with restaurants, retail shops and hotels.

The announcement came Monday after Port Commissioners spent several hours interviewing three finalists for the job. Maritime Trust beat out Trammell Crow Co., which came in second place, and Heartland Corp., which received the commissioner’s third place vote.

Graham Anderson, senior planner for the Port of Everett, says the next step is for the Port to enter into negotiations with Maritime Trust to establish the scope of work that will be involved and a budget. “Assuming that can be completed successfully, we hope to have the first steps of the project underway by the end of the year,” says Anderson, noting that the project would be done in phases and is expected to take 5 to 10 years to complete.

The redevelopment plans for the 100-acre property, which includes both land and water, still need to be hammered out. But Maritime Trust, which has helped to redevelop waterfronts in Chicago and Baltimore, laid out the possibilities in its presentation to commissioners for the expansion of an existing conference center, commercial shops, restaurants, a possible hotel, a maritime history museum, a waterfront promenade and a park for public events.

Anderson says that the Port has yet to identify where the money for the redevelopment–which has been ball parked to cost around $100 million—will come from, though they expect it to be a combination of public and private capital. He says this is one reason the Port focused on a developer-led team for the project.

“We see a developer-led team to be the liaison to private capital, that’s one of the reasons we took that approach,” notes Anderson. “Another reason is that the commissioners have been very clear that they don’t want a consultant exercise that just leads to a plan – they want projects. The commissioners expect the developer to put together a very practical plan that would lead to the adoption of an approved master plan as well as permits to make it happen.”

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