OliverMcMillan and the City of Everett Move Forward on Riverfront District

Business Wire,  May 1, 2008  

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The Riverfront District to Create a New and Distinctive Space in Everett

EVERETT, Wash. -- OliverMcMillan and the City of Everett announce the sale and purchase of approximately 100 buildable acres of land along the Snohomish River.

The land will be developed into a unique mixed-use community for retail, restaurants, hotel, office space, condominiums and natural amenities such as tree-lined walking and bike trails, wildlife habitats and riverfront views of Mt. Baker, Mt. Rainier and the Cascade Mountain range.

"This precious land demands a careful and well-thought-out approach to redevelopment," Everett Mayor Ray Stephanson said. "OliverMcMillan is the expert we need to create a 'sense of place' along the shores of the Snohomish River."

OliverMcMillan, a San Diego, Calif. developer, has specialized in development of mixed-use retail, entertainment, office and residential projects for more than twenty years, receiving more than 40 national and regional design and project awards. The company has extensive experience in both privately held developments and public-private partnerships.

"We are creating the region's premier destination for working, shopping, dining and living," said Dene Oliver, of OliverMcMillan. "It is our vision to create a special, sustainable place with superior architectural stature that energizes the community, neighborhoods and northern Seattle region."

The development along the riverfront property is located on the east side of the City of Everett between I-5 and the Snohomish River. Nearly 100 acres will remain natural or enhanced wetlands, interlaced with trails, overlooks and interpretive areas.

OliverMcMillan envisions the project to include between 500,000 and 800,000 square feet of retail and between 800 and 1,000 residential or hotel rooms.

Cinetopia, a high-end entertainment experience, has already joined the project and commits to building a luxury 16-screen movie theater and entertainment complex.

The Everett City Council voted earlier today to authorize Mayor Ray Stephanson to sign all necessary documents to sell approximately 140-acres of city-owned property to OliverMcMillan.

OliverMcMillan commits to building a high-quality mixed-use development fulfilling a longtime vision of the City of Everett. The development will include:

* 400,000 square feet of retail; 150,000 of it for small shop space

* 1.5-acres of gathering space

* 100 residential or hotel rooms

* Environmentally friendly project with LEED Neighborhood Development Silver certification

* Building of a methane-recovery system and other Department of Ecology requirements for development on the former landfill

* Transfer to the City of Everett 3 acres for a park

The City of Everett investments:

* Move Burlington Northern Santa Fe railroad tracks, animal shelter and public works yard

* Build a two-lane round-about at 41st Street and extension to the Simpson site as well as an access road from Pacific Avenue to 36th Street

* Build utilities to accommodate the sanitary and storm water from the development on the former landfill

* Fill, grade and surcharge the capped landfill

* Design and build public amenities including about two miles of trails and a three-acre park

* Restore and enhance wetlands and habitat areas

About OliverMcMillan:

OliverMcMillan is a 30-year-old private firm that develops unique, high quality mixed-use retail, entertainment, office, hospitality and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies. While demonstrating sensitivity to the community's unique needs, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations. Currently, OliverMcMillan is working on developments in Houston, Chicago, Ontario and San Diego. Because of its expertise, strong architectural vision, experience working with communities and public agencies and significant financial and experiential strength, OliverMcMillan creates projects that form a catalyst for economic revitalization, growth and place making. Looking at the big picture, OliverMcMillan makes long-term commitments to its developments and acquisitions by developing tomorrow's vision today, in a manner that will serve the community well into the future. www.olivermcmillan.com

About the City of Everett:

Everett, Washington, an All-America City, is a rich landscape of choices. Small startups thinking big. Fortune 500 companies delivering larger-than-life innovations. Some of the best salmon and steelhead fishing in the world. Boasting one of the largest marinas on the West Coast. Home of the Everett Silvertips ice hockey team and AquaSox minor league baseball team. Enjoying more than 1,600 acres of beautiful parks, trails and playgrounds and nearly 50 miles of freshwater and saltwater shorelines. All-America City. World-class destination. www.ci.everett.wa.us

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