The total project will include 15,000-sf conference center, a 740-space parking garage, a 58 unit apartment complex and 110-room hotel by Marriott. Completion slated for 2004.
Under the phase II agreement, approved by the City Council at their regular weekly meeting, the city will contribute an additional $351,886 to the project, bringing the total amount committed by the city to $446,281. Opus contractual obligations for the development include schematic designs for the conference center and development of the parking garage, hotel, retail stores, restaurant and office space, if any.
The city has $500,000 set aside for the conference center project through a loan from city cash reserves. More money from the Public Facilities District is expected this fall when demolition of the Enetai Building, the current home of the Bremerton Naval Shipyard Museum, is scheduled to get underway.
The Kitsap Peninsula region has experienced a couple of other would-be economic boosts lately as well. Most recently, A U.S. House subcommittee endorsed legislation that would mean $147 million in new West Sound military development. If approved by the House, Senate and eventually President Bush, the money will be available Oct. 1.
In addition to $3 million for the purchase of 1.8 acres in Downtown Bremerton for the construction of a six-story, 1000-space parking structure for Puget Sound Naval Shipyard, other recommended West Sound projects inlcude:
-- $10.5 million for the construction of a 40,000 sf "Undersea Warfare Systems Dependability Center" at NUWC Division Keyport.
Originally planned for the 2004 budget, the construction supports the growing mission at Keyport for testing and validating the next generation of undersea warfare vehicles.
-- $16.4 million for a small arms training center at Sub Base Bangor -- $2.2 million for a ship movements office and control tower at Naval Station Bremerton, related to safety and security.
Finally, Related Capital Co. recently put up $15 million for the creation of Viewcrest Village Apartments from the remains of a 1950s military housing complex in East Bremerton. The complex will be extensively rehabilitated and result in 300 units in 75 garden-style apartment buildings, plus additional service buildings.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
