Client Deal Spotlight: Port of Everett and The Schuster Group Sign a Lease for the Waterfront Place Central Development

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"This was a great collaboration between the Port of Everett and the Schuster group to promote a marquee piece of the development that will benefit the community."

—Stoel Rives real estate attorney Sallie Lin.

Stoel Rives is pleased to announce that its client Port of Everett has signed a long-term ground lease with Seattle real estate company The Schuster Group, which plans to build restaurant and retail space at the port’s Waterfront Place Central Development.

The Schuster Group is leasing five sites in Fisherman’s Harbor, the first phase of the 65-acre, mixed-use development in Everett, which will eventually include a hotel, 15 new public gathering spaces, up to 660 housing units, fine and casual dining restaurants, and commercial, retail, and marine sales and services businesses.

The Stoel Rives team was led by Devin McComb and included Sallie Lin and paralegal Marrji Padden. 

For more information on the deal, see the Puget Sound Business Journal.

Stoel Rives previously represented the Port of Everett in signing a long-term lease with Waterplace LLC, a partnership with Columbia Hospitality, to construct the 142-room flagship Hotel Indigo at Fisherman’s Harbor. Construction and operation of the 86,163-square-feet hotel is under a 50-year land lease, with three 10-year options.

Hotel Indigo, a flagship of the Intercontinental Hotel chain, is branded as a lifestyle boutique hotel with luxury accommodations—it will feature a restaurant, lounge, indoor swimming pool, conference center, retail shops and business center. Construction of the hotel, the first of its kind in Washington State, will begin in January 2018.

For more on the deal and Waterfront Place, Fisherman’s Harbor and Columbia Hospitality, please see the port’s press release.

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