During the Commission meeting on May 22, the Port unanimously approved the sale of the Washington Avenue property adjacent to the Bremerton Marina to the local firm, Sound West Group for $4.5 million dollars. The property is a two-acre parking lot on which Sound West Group plans to build a hotel structure that will include apartments and space for retail shops along with a tri-level parking garage which the Port has secured space to maintain marina tenant parking.
The proceeds from the sale will go to pay off the bond from the original purchase of the property, and the capital gains made from holding the property will be used towards the purchase of the parking stalls for marina tenants.
“We are pleased to have sold this wonderful downtown waterfront property to the Sound West Group. If the plans move ahead as expected, the property will house a new hotel, a new downtown apartment, and underground parking. All of which will help support our 350 slip, world-class marina. This project should be a win-win for the Port, the City, and the Developer. It should also create many new jobs in the downtown core.” - Cary Bozeman, Port Commissioner
The Port Commissioners approval for the original purchase of this property in 2009 was to secure parking for the marina tenants. The sale to Sound West Group will continue to preserve that parking which remains a priority for the Port. Some details and benefits of the project as it is stated today, include the following in the current design:
For more information on the property and sale, view the recent Kitsap Sun articles in the links above.