Failed Port Everett Project Auctions Off Assets As Community Moves Forward
The last remnants of the failed $400 million real estate development on Everett’s waterfront were auctioned off after the developer filed for bankruptcy.
The vision was the dream of the port and its business partner Everett Maritime, a subsidiary of Chicago developer Maritime Trust. Everett Maritime went bankrupt earlier this year, and the port is still working on where to go next. “We were trying to figure out what to do with this stuff and I decided to handle it by auction because I wanted to have a clear, bright line between what had taken place in the past and what was going forward,” Port Director John Mohr said.
Port Everett and Maritime began the massive project in 2000 but it collapsed after Maritime was unable to get financing and was forced to file bankruptcy. The project was doomed when the housing industry began to contract and the credit markets became even more restrictive about which projects they would lend to. The fact that the project was slated to build 660 luxury condominiums didn’t bode well in a market which was experiencing severe devaluation of the condo market. So how exactly can Port Everett move forward with the development of its shoreline? Well, one of the things many banks are looking for is a clear indication that the project will not only be profitable in the short-term but that it will be sustainable and not dependent on market bubbles. Hopefully, the city’s efforts to reach out to the local active adult communities for their input will create a more sustainable solution for Everett in the near future.
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