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Port of Seattle to pay $15.7 million to buy another marina in the Puget Sound region

The Port of Seattle is spending $15.7 million to add another marina to its property holdings in the Puget Sound region.

The port says it is buying Salmon Bay Marina to protect maritime industrial land in the region and support the redevelopment of its own adjacent Fishermen’s Terminal complex, which also includes a marina.

The port describes the acquisition as “a generational opportunity.” The purchase comes with rights for the port to immediately build a new 60,000-square-foot light industrial building on the site.

The Salmon Bay Marina is a five-acre property located on the Lake Washington Ship Canal and it sits directly beside the port-owned Fishermen’s Terminal complex at the southwest end of the Ballard bridge.

Port commissioners approved the purchase at a meeting this month, but the deal won’t close until some time in 2018, port spokesman Peter McGrawsaid.

The sellers are members of Seattle’s Draper family, who own it through Draper Machine Works.

Early pioneers in the Northwest, the Drapers purchased the Salmon Bay property in 1945 and developed it into Salmon Bay Marina, opening in 1961.

A broker representing Draper Machine Works originally contacted the port in March 2016, offering to sell for $18.4 million. The port appraised the property at $17.1 million.

However, about $1.2 million was deducted from the final price to cover estimated costs for the port to clean up contamination on the property, a port staff report said.

Four generations of Drapers have served as stewards of the marina, the port said in a news release, adding the family is happy its maritime heritage will continue.

https://www.bizjournals.com/seattle/news/2017/12/13/port-of-seattle-salmon-bay-marina-draper-family.html

By: By   –  Staff Writer, Puget Sound Business Journal

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