Quick Summary: As of April 2026, Waterfront Place has four restaurants open at Fisherman’s Harbor Restaurant Row, with Marina Azul Cocina & Cantina expected this spring. One breakfast/brunch space remains available. The Port of Everett is also actively seeking a boutique grocer, pet store, and retail-tainment concept for the development’s gateway parcels.

If you’ve been following the Waterfront Place buildout, you’ve watched Restaurant Row go from empty concrete shells to a genuinely active stretch of food, drink, and views. We’ve covered individual openings as they’ve happened. But let’s zoom out and take stock of what’s actually open, what’s coming this spring, and what spaces are still waiting for tenants. This is the April 2026 status report on everything still in the pipeline at Waterfront Place.

Restaurant Row: The April 2026 Scorecard

The Fisherman’s Harbor Restaurant Row was designed for six dining establishments. Here’s the current status of all six spaces:

Open and Operating

Tapped Public House — Opened March 2, 2026. Claims the largest open-air rooftop deck in Snohomish County, with panoramic views of the Olympic Mountains and marina. Beer, cocktails, and pub food. Over 100 people showed up for the ribbon cutting — the waterfront was ready for this one.

Rustic Cork Wine Bar — Opened December 2, 2025. Wine-focused with a curated bottle selection and small plates. A quieter alternative to the larger concepts on the row.

The Net Shed Fish Market & Kitchen — Opened December 16, 2025. Fresh seafood market with prepared food service. One of the more distinctive concepts at Fisherman’s Harbor — you can buy fish to take home or eat right there, which is exactly what a marina district should have.

Menchie’s — Opened March 13, 2026. Self-serve frozen yogurt. The lightest footprint on the row, but it fills a real gap — a casual dessert stop for families walking the marina and boaters grabbing something after a day on the water.

Coming Soon: Marina Azul Cocina & Cantina

The most anticipated opening still remaining in the Restaurant Row lineup is Marina Azul Cocina & Cantina, a Mexican restaurant concept the Port has indicated is expected to open spring 2026. Spring is already underway, which means this one is close. No official opening date has been announced, but we’re watching the permits and the signage. When the door opens, we’ll be among the first through it.

Still Available: One Breakfast and Brunch Space

One of the six Restaurant Row spaces remains earmarked specifically for a breakfast and brunch concept, and no tenant has been announced. This is actually a meaningful gap in the current lineup — there’s no morning option at Fisherman’s Harbor right now. The right concept here (think waterfront eggs Benedict, coffee with marina views, weekend brunch crowds) would do well. The Port is still looking.

Beyond Restaurant Row: The Gateway Parcels

Here’s the part of the Waterfront Place story that hasn’t gotten as much coverage: the Port moved into active tenant search for its gateway parcels in late 2025, and they were specific about what they want.

The Port issued a Request for Statement of Qualifications for the gateway parcels — the entry-point retail spaces that greet visitors as they arrive at the development. Three concepts are being sought:

• Boutique grocer — A neighborhood-scale grocery or specialty food store
• Pet store — Matching the marina lifestyle demographic (boaters, outdoor enthusiasts, the waterfront dog-walking crowd)
• Retail-tainment — An experiential retail concept, interactive rather than passive

The boutique grocer is the one that would do the most for the district’s day-to-day liveability. Right now, someone living in the Waterfront Place Apartments — or in the incoming Millwright District residential buildings — doesn’t have a walkable grocery option. Adding one completes a fundamental piece of the live-work-eat-play equation that a genuine mixed-use district requires.

We don’t have tenant announcements for the gateway parcels yet, but an active RFQ means the Port is evaluating applicants now. This is worth watching in the coming months.

The Weyerhaeuser Building and The Muse

One piece of Waterfront Place history easy to overlook amid all the new construction: the Port restored the 1930s-era Weyerhaeuser Building on the waterfront and reopened it in 2023 as The Muse Whiskey & Coffee. On a clear April evening with the Olympics lit up across the sound, it’s one of the better places to sit in Everett.

The Muse anchors the development’s existing character while everything new gets built around it. Worth noting when the conversation is all about what’s coming: some of what’s already here is genuinely good.

By the Numbers: What Waterfront Place Is in April 2026

Let’s put the whole picture together:

• 1.6 million annual site visits in 2025 — pulling from across Snohomish County, King County, and beyond
• 4 restaurants and bars open at Fisherman’s Harbor Restaurant Row
• 1 more (Marina Azul) expected to open this spring
• 1 remaining space earmarked for breakfast/brunch, no tenant yet
• Gateway parcels in active tenant search for boutique grocer, pet store, retail-tainment
• $2.6 million in 2026 public infrastructure investment budgeted by the Port
• 120,000 sq ft of Class-A office space in active pre-leasing at Millwright District
• 300+ apartments in Millwright District residential phase, now under construction

This is not a development that’s waiting to happen. Five of six Restaurant Row spaces committed, a major mixed-use residential and commercial buildout underway, more than one and a half million annual visitors already. The question now is which tenants fill the remaining blank spaces — the grocer slot, the brunch spot, the gateway parcels — and how quickly the Millwright District commercial phase pre-leases to its opening threshold.

We’ll keep covering it as it develops.

Frequently Asked Questions

What restaurants are currently open at Waterfront Place Everett?
As of April 2026: Tapped Public House (opened March 2026), Rustic Cork Wine Bar (opened December 2025), The Net Shed Fish Market & Kitchen (opened December 2025), and Menchie’s (opened March 2026). The Muse Whiskey & Coffee in the historic Weyerhaeuser Building is also open.

When will Marina Azul open at Waterfront Place?
Marina Azul Cocina & Cantina is expected to open spring 2026. No official opening date has been announced as of April 2026.

Is there a grocery store at Waterfront Place Everett?
Not yet. The Port of Everett issued an RFQ for a boutique grocer as one of the gateway parcel tenants. That selection process is ongoing.

How many restaurants are at Waterfront Place Restaurant Row?
The Fisherman’s Harbor Restaurant Row has six spaces. Four are open, one (Marina Azul) is opening soon, and one breakfast/brunch space remains available.

What is Waterfront Place?
The Port of Everett’s $1 billion mixed-use waterfront redevelopment on Puget Sound, at the largest public marina on the West Coast. It includes Restaurant Row, The Muse Whiskey & Coffee, Waterfront Place Apartments, and the Millwright District commercial and residential campus.

How many visitors does Waterfront Place attract?
The Port of Everett reported more than 1.6 million annual site visits to Waterfront Place in 2025.

Quick Definition: The Millwright District is a 10-acre mixed-use campus within the Port of Everett’s $1 billion Waterfront Place development. Pre-leasing is now open for up to 120,000 sq ft of Class-A office space across three interconnected buildings, developed by Lincoln Property Company. Openings are anticipated as early as 2028.

We’ve written a lot about the residential side of the Millwright District buildout — the 300-plus apartments breaking ground, the restaurant row filling in, the waterfront esplanade taking shape. But there’s a commercial story happening here that deserves its own spotlight, because it changes what the Millwright District actually becomes as a place to work, not just a place to live and eat.

The Port of Everett and its development partner Lincoln Property Company (operating commercially as LPC West) have launched pre-leasing for up to 120,000 square feet of Class-A office space at Waterfront Place. Pre-leasing is open now, with occupancy targeted as early as 2028.

What “Class-A Waterfront” Actually Means Here

“Class-A office space” gets used loosely in commercial real estate, so let’s break down what it actually looks like in this specific context — and why it’s meaningfully different from a generic Snohomish County office park.

The Millwright District offices sit within Waterfront Place at the largest public marina on the West Coast. The planned complex features:

• Rooftop terraces with Olympic Mountain and Puget Sound views
• Structured on-site parking (a dedicated garage, not a surface lot)
• Community conference rooms shared across the building complex
• A fitness center within the office complex
• Immediate walkable access to Restaurant Row dining, marina recreation, retail, and the waterfront esplanade

Suite sizes range from 5,000 to 120,000 square feet across up to three interconnected buildings. A 5,000 sq ft tenant and a 120,000 sq ft campus tenant can both be accommodated — the three-building configuration allows Lincoln Property Company to serve single large anchors or multiple smaller tenants co-locating in the same complex.

Who Is Lincoln Property Company?

LPC West is not a local developer — they’re one of the largest commercial real estate companies in the country, with a national portfolio spanning office, industrial, and multifamily assets. The Port of Everett selected LPC West through a competitive process to develop the Millwright District’s 10-acre commercial footprint.

The significance of that choice: Lincoln Property Company typically develops in markets where they project long-term rent growth and durable tenant demand. Their presence in the Millwright District reflects how outside institutional investors are reading Everett’s commercial trajectory — and it’s not a minor endorsement.

The Timeline: When Does This Open?

Lincoln Property Company is projecting a 24-month construction period, with openings targeted as early as 2028. The construction clock starts when pre-leasing reaches its threshold — a standard commercial real estate structure where the developer needs committed leases before a construction lender funds the project.

The faster pre-leasing fills, the faster the 24-month clock starts — and the sooner the doors open. If pre-leasing proceeds slowly, the 2028 target shifts.

The infrastructure foundation is already in place: the Millwright Loop Roads (a $13 million construction contract completed in 2023) gave the site road access. The residential apartment phase is already under construction. Restaurant Row is open and drawing foot traffic. The office buildings are the next vertical layer on a site that’s already functional.

What This Does for Everett’s Commercial Real Estate Market

Everett has historically been a manufacturing and bedroom community — a place where people live for affordability and commute to Seattle or work at Boeing or Naval Station Everett. The transformation we’re tracking on this desk is Everett becoming a destination city in its own right: a place with its own employment base, its own amenities, and its own identity beyond its two largest employers.

Class-A office space on the waterfront is a direct play on that transition. If a firm can put 50 employees in a Millwright District suite with Olympic Mountain views and a rooftop terrace, walking distance from waterfront restaurants and marina recreation, that’s a meaningful differentiator in Puget Sound commercial real estate. It’s the kind of space that helps Snohomish County employers retain talent that might otherwise commute to Seattle offices.

It also creates a self-reinforcing cycle for the district itself. Office workers become lunch customers at Restaurant Row. They become boat owners at the marina. They become apartment tenants in the Millwright District residential buildings. That’s the mixed-use model working as designed — and it’s why the Port structured the entire development this way rather than just building more boat slips.

How to Learn More About Pre-Leasing

If you’re a business owner, real estate broker, or facilities director evaluating Snohomish County office options, pre-leasing information is available through the Port of Everett and Lincoln Property Company. The Port’s website at portofeverett.com has the Millwright District office pre-leasing page with contact information and suite specifications.

The range of suite sizes — 5,000 sq ft to 120,000 sq ft — means this isn’t exclusively for large enterprises. Professional service firms, engineering consultancies, tech companies, and architecture firms all fall within the tenant profile the project is designed to serve.

Frequently Asked Questions

What is the Millwright District at Waterfront Place?
A 10-acre mixed-use campus at the heart of the Port of Everett’s $1 billion Waterfront Place development. It includes up to 120,000 sq ft of Class-A office space, 200+ multifamily housing units, and up to 60,000 sq ft of destination retail on the Everett waterfront.

Who is developing the Millwright District office buildings?
Lincoln Property Company (LPC West), one of the largest commercial real estate firms in the country, is the development partner. Selected by the Port of Everett through a competitive process.

What size office suites are available at Millwright District?
Suites range from 5,000 to 120,000 square feet across up to three interconnected buildings. The configuration accommodates both small professional firms and large campus tenants.

When will the Millwright District office buildings open?
Construction is estimated at 24 months, with openings targeted as early as 2028. The start of construction depends on pre-leasing activity.

What amenities will Millwright District office tenants have?
Rooftop terraces with Olympic Mountain and marina views, structured parking, community conference rooms, a fitness center, and walkable access to the Waterfront Place restaurant row, retail, and marina.

Is Millwright District office space currently available?
Pre-leasing is open now through Lincoln Property Company and the Port of Everett. Contact information is available at portofeverett.com.

Quick Definition: The Everett Link Extension is a planned 16-mile light rail segment connecting Lynnwood City Center to Everett Station with six new stations. Sound Transit targets a 2037 opening to SW Everett Industrial Center and 2041 full service to Everett Station, pending closure of a $500 million funding gap.

We’ve been watching the Everett Link Extension timeline shift around for a few years now, and 2026 is shaping up to be one of the most consequential years for the project since voters approved ST3 back in 2016. This spring, Sound Transit is preparing to release its Draft Environmental Impact Statement — the document that narrows down exactly where the tracks, stations, and operations facility will go. This is what you need to know right now.

Where the Project Stands in April 2026

The Everett Link Extension remains in its Planning Phase, with the Draft Environmental Impact Statement (EIS) expected to be released for public review in 2026. The Draft EIS is a big deal — it’s the point where Sound Transit presents the preferred alignment, the six station locations, and the environmental and community impacts of building 16 miles of elevated light rail through Snohomish County.

Once the Draft EIS is released, there will be a public comment period. Then Sound Transit prepares the Final EIS, currently expected around 2027. The Sound Transit Board formally votes on the route and station locations after the Final EIS — no shovels in the ground before that point.

• 2026: Draft EIS release and public comment period
• 2027: Final EIS and Board decision on preferred route and stations
• 2030–2036: Construction phase
• 2037: Target service opening to SW Everett Industrial Center
• 2041: Projected full service to Everett Station

The Six Planned Stations — What We Know

The Everett Link Extension adds six new stations to the regional Link light rail network, connecting riders from the Lynnwood City Center terminus northward into Snohomish County. Here are the six stations currently planned:

West Alderwood — Connects to the area between Lynnwood and southwest Snohomish County neighborhoods currently underserved by rail.

Ash Way — Positioned near the Ash Way Park-and-Ride on I-5, already a major transit hub for express bus commuters heading to Seattle.

Mariner — Serves the Mariner community in south Everett near the I-5 and Highway 526 interchange.

SW Everett Industrial Center — Located near Boeing’s primary Everett manufacturing campus. This is the station that puts light rail walking distance from one of the region’s largest employment sites. Targeted as the first endpoint of service in 2037.

SR 526/Evergreen — Near Everett’s southern approaches, serving Paine Field-area commuters.

Everett Station — The northern terminus, connecting Link directly to Everett’s Amtrak Cascades and Sounder commuter rail hub downtown. Full service here is targeted for 2041.

A seventh provisional station at SR 99 and Airport Road is also being studied, though it is not currently funded and would need additional financial support to be included.

The $500 Million Funding Gap — What It Actually Means

We’re not going to bury the hard part: Sound Transit has a $500 million affordability gap on this project. That’s a real number from Sound Transit’s own project documents — not a rounding error or a worst-case scenario.

In practice, Sound Transit is pursuing increased local, state, and federal funding while simultaneously exploring cost-reduction options — different construction approaches, phasing strategies, or station design changes that could bring the price down without cutting service quality.

The ST3 System Plan — the broader 25-year transit expansion voters approved in 2016 — is also up for a structural review by the Sound Transit Board in summer 2026. The board is evaluating “different approaches to updating the ST3 System Plan,” which could include new ways to build, phase, or sequence projects, including the Everett extension.

What this means practically: if the board decides to phase the project and build to the SW Everett Industrial Center station by 2037 first, then complete the final stretch to Everett Station later, the shape of the project changes significantly. If new funding closes the gap, the 2037/2041 timeline firms up. We’ll be tracking whatever comes out of those board discussions as they develop.

What the Draft EIS Will Tell Us

When Sound Transit releases the Draft EIS this year, it will contain:

• The preferred alignment — the exact route the tracks follow
• Station designs and footprint maps for all six locations
• Property acquisition requirements
• Environmental impact analysis: noise, traffic, wetlands, neighborhood effects
• Community benefit assessments
• The preferred location for the Operations and Maintenance Facility North (OMF North), a critical piece of system infrastructure targeted for a 2034 opening

The public comment period following the Draft EIS release is the moment for Snohomish County residents to officially weigh in. Station design concerns, community impacts, park-and-ride configurations — all of that input gets recorded in the official planning record during this window.

Why This Matters for Everett’s Development Boom

We’ve spent a lot of time covering Everett’s physical transformation — the waterfront, the stadium project, the housing surge. Light rail sits underneath all of it as a long-term infrastructure bet.

When Everett Station connects to the regional Link network, the entire corridor from downtown Everett to Seattle becomes a roughly 45-minute commute without a car. That changes the math on living in Everett for people working Seattle-based jobs. It changes what downtown Everett can support in terms of retail, restaurants, and density.

The Port of Everett’s Millwright District, the new downtown stadium, the apartments going up near the transit center — every one of these projects is betting on a future where Everett is a complete city, not a staging area for a Seattle commute. The $500M funding gap and the 2037-2041 window is the biggest variable in that long-term calculation.

Frequently Asked Questions

When will the Everett Link Extension open?
Sound Transit is targeting 2037 for service to the SW Everett Industrial Center station and 2041 for full service to Everett Station. Both timelines are contingent on closing a $500 million funding gap.

How many stations will the Everett Link Extension have?
Six stations are planned: West Alderwood, Ash Way, Mariner, SW Everett Industrial Center, SR 526/Evergreen, and Everett Station. A seventh station at SR 99/Airport Road is being studied but is not currently funded.

What is the Everett Link Extension Draft EIS?
The Draft Environmental Impact Statement is expected to be released in 2026. It identifies the preferred route alignment, station locations, and environmental and community impacts. There will be a public comment period after its release.

How long is the Everett Link Extension?
Approximately 16 miles of new light rail, running from the Lynnwood City Center terminus north to Everett Station.

What is the $500 million funding gap?
Sound Transit has identified a $500 million shortfall between current projected revenues and the estimated cost of the Everett Link Extension. The agency is pursuing additional local, state, and federal funding as well as cost-reduction options.

What is the ST3 System Plan review?
The Sound Transit Board is evaluating different approaches to updating the ST3 System Plan in summer 2026. This could include new ways to build, phase, or sequence projects — potentially affecting the Everett extension timeline.

Will there be park-and-ride access at Everett Link stations?
Yes. The Ash Way station connects to an existing major Park-and-Ride facility. Specific configurations at each station will be detailed in the Draft EIS.

How does this connect to existing Everett transit?
The extension terminates at Everett Station, which serves Sounder commuter rail and Amtrak Cascades. It will also connect with Community Transit bus routes throughout the corridor.

What’s happening in Everett’s housing market right now? Everett’s market is uneven in spring 2026. Homes under $750K are moving fast — sometimes within days. The higher end is slower and more price-sensitive. The median sale price has softened from recent highs, with Redfin reporting a February 2026 median of $547,000. Here’s what buyers, sellers, and renters should know heading into spring.

Every month we try to give you a real read on what’s happening in Everett’s housing market — not the national headlines, not the Puget Sound generalities, but what’s actually moving (or not moving) on the ground in our city. This month’s picture is more nuanced than the headline numbers suggest, so let’s dig in.

The Headline Numbers: What Everett Homes Are Actually Selling For

As of the most recent data available for early 2026, the median sale price of a home in Everett was $547,000 — according to Redfin data through February 2026. That’s down about 11.6% compared to the same period a year ago, and the median sale price per square foot sits at $394, which is actually up 0.9% year-over-year.

Zillow’s methodology shows a slightly different picture: the average home value in Everett at approximately $619,916, down about 5.9% over the past year. The difference between Redfin’s and Zillow’s numbers reflects different calculation methods — Redfin uses actual sale prices, Zillow uses estimated market value — but both point in the same direction: a market that has cooled from its 2022–2023 peak but remains active.

The Split Market: It Depends Entirely on Your Price Point

Here’s what local market data is showing us, and it’s important: Everett’s housing market is not performing uniformly. It’s splitting cleanly by price point.

Under $750,000: Active and Moving

If you’re buying or selling under $750,000, you’re in the strongest part of the market right now. Homes in this range are attracting active buyers, moving quickly, and holding their value well. This is where first-time buyers and move-up buyers are competing, and competition is real enough that sellers in this range are seeing offers near — or at — list price.

$750,000–$949,000: Active But Selective

The upper-middle tier is moving, but only for homes that are priced right and show exceptionally well. Overpriced homes in this range are sitting. Buyers at this price point have options and they know it — they’ll wait for the right product at the right price. Sellers need to be realistic.

$950,000+: Slow

The luxury tier in Everett has slowed noticeably. Days on market are longer and price reductions are more common. This reflects both the interest rate environment and the reality that Everett’s luxury buyer pool is thinner than comparable markets in Bellevue or Kirkland.

The Fastest Moving Property Type Right Now: Townhomes

If there’s one standout in Everett’s spring 2026 market, it’s townhomes. The average time to go under contract for a townhome in Everett is running at approximately 6 days — among the fastest of any property type in the city. Of 21 townhomes that sold in the most recent tracked month, that 6-day average tells you exactly how much demand exists for this product.

Why? Townhomes hit the under-$750K sweet spot for most Everett buyers, they offer more square footage than a condo at a lower price point than a detached single-family home, and their maintenance profile appeals to working households who don’t want to deal with a yard. In a market where detached homes can feel out of reach, townhomes have become the go-to entry point.

New Construction: Inventory Without Buyers

New construction is telling an interesting story right now. There’s a solid inventory of new builds in the Everett area — but actual sales activity has been light. In a recent tracked month, only one new construction home sold, and it went over list price. That single data point tells you two things simultaneously: buyers are discerning about new construction (often due to price or location), but when the right product shows up, competition emerges fast.

Watch this space as the Millwright District’s 300+ new waterfront apartments come online in 2026 — they’ll be rental product, not for-sale, but they’ll add significant new inventory to the overall residential supply picture along the waterfront.

What’s Driving the Year-Over-Year Softening?

The 11.6% year-over-year decline in Everett’s median sale price isn’t a crash — it’s a correction from the extraordinary run-up the market saw in 2021–2023. Several factors are at play:

• Interest rates — Mortgage rates remain elevated compared to the pandemic-era lows that fueled the frenzy. Monthly payments on a median-priced Everett home are significantly higher than they were in 2021 even at a lower purchase price.
• More inventory — More sellers entered the market in 2025 and 2026 as people who had been waiting for rates to drop decided to move anyway. More supply = less upward price pressure.
• National uncertainty — Broader economic uncertainty has made some buyers cautious, especially in the upper price tiers.

If You’re Buying in Everett Right Now

Spring 2026 is a legitimate window for buyers who’ve been waiting. The market has softened from its peak. The under-$750K range is competitive but not frantic — offers are coming in at or near list, not 20% over with waived inspections. You have more time to think, but not unlimited time: well-priced homes in good locations are still moving in days, not weeks.

If you’re targeting a townhome, move fast. That segment is the hottest in the city right now. If you’re looking at detached single-family above $750K, you have negotiating room — use it.

If You’re Selling in Everett Right Now

Pricing matters more than it has in years. The “just price it high and see what happens” strategy that worked in 2021–2022 doesn’t work in spring 2026. Homes that are priced to the current market are selling well and quickly. Overpriced homes are sitting and requiring reductions — which signals weakness to buyers and costs you time and money.

The good news: if you bought before 2020 and you’re selling now, you’re almost certainly still well ahead on appreciation. The correction has pulled prices back from peak, not back to pre-pandemic levels.

Frequently Asked Questions

What is the median home price in Everett WA in 2026?

As of early 2026, Redfin data shows a median sale price of approximately $547,000 in Everett, WA, with a median price per square foot of $394. Zillow’s estimate for average home value in Everett is approximately $619,916. Both metrics reflect a modest year-over-year decline from 2025 peaks.

Is the Everett housing market a buyer’s or seller’s market in 2026?

It’s a split market. Under $750,000 — where most Everett transactions occur — it’s still fairly competitive for sellers, with homes moving quickly and near list price. Above $750,000, buyers have more leverage, more options, and more time to negotiate.

How long does it take to sell a home in Everett WA?

It depends heavily on property type and price point. Townhomes in Everett are averaging approximately 6 days to go under contract in spring 2026 — among the fastest of any property type. Detached single-family homes in the $750K–$950K range are taking longer, sometimes weeks, if not priced correctly.

Are Everett home prices going up or down in 2026?

Prices are modestly down year-over-year compared to early 2025, with Redfin showing approximately an 11.6% decline in median sale price and Zillow showing approximately a 5.9% decline in average home value. Both reflect a correction from 2022–2023 peaks rather than a significant crash.

What types of homes are selling fastest in Everett in 2026?

Townhomes are the fastest-moving property type in Everett’s spring 2026 market, averaging approximately 6 days to go under contract. They hit the high-demand under-$750K price range and offer more space than condos at a lower price than detached homes.

Is new construction available in Everett WA?

Yes, there is new construction inventory available in the Everett market in 2026, but sales activity has been relatively slow — only one new construction home sold in a recent tracked month, though it went over list price. The Millwright District at Waterfront Place is adding 300+ new rental units to the market in 2026.

Where does Everett’s stadium stand right now? As of spring 2026, Everett’s proposed downtown Outdoor Event Center has grown from an $82 million project to a $120 million project — leaving a $38 million funding gap that must be closed before the city council can give final approval. Here’s a plain-language breakdown of where the money comes from, where it doesn’t, and what happens next.

We’ve been tracking Everett’s proposed downtown stadium since the first conceptual drawings surfaced, and lately the news has gotten more complicated. The price tag climbed from $82 million to $120 million. A $38 million funding gap opened up. City council approval is still pending. And yet Mayor Cassie Franklin is calling it a “once in a generation opportunity” and promising the gap will close.

So what’s actually going on? Let’s walk through it — all the numbers, all the players, and the honest question of whether this stadium gets built by 2027.

The Project, Explained

The Everett Outdoor Event Center — commonly called the downtown stadium — is planned for a downtown block bounded by Hewitt and Pacific Avenues, east of Broadway. The project is designed to be a multi-use venue: it would host Everett AquaSox minor league baseball games, two United Soccer League teams (still in lease negotiations as of spring 2026), and year-round events including concerts and community gatherings.

The design-build team is DLR Group and Bayley Construction — both well-established in Pacific Northwest stadium and arena work. Design reached 60 percent completion earlier in 2026, and city officials say a full plan and budget will be ready “very soon.”

The city’s target: get the AquaSox playing there for the April 2027 baseball season. That’s less than 12 months away.

Where Did the $120 Million Figure Come From?

The project originally carried an $82 million price tag. That number grew to $120 million for two reasons, according to city special projects manager Scott Pattison:

• More property acquisitions needed. The city needs to acquire more parcels on the proposed site than originally anticipated. At least 17 businesses currently occupy the proposed footprint, and property acquisition costs have risen.
• Construction cost inflation. Like virtually every major construction project in the Pacific Northwest since 2022, the stadium’s hard construction costs have increased significantly.

The $120 million is the current estimate. City officials acknowledge the design isn’t fully complete, which means the final number could still move before council votes.

Where Is the Money Coming From?

Here’s the funding stack as it currently stands, based on the city’s own presentation documents:

• City of Everett bonds: ~$40 million — This is the city’s primary funding vehicle. The bonds would be repaid through stadium revenue: ticket sales, event fees, naming rights, and other stadium income. The city had already planned this piece before the cost increase.
• State of Washington: ~8% of total (~$9.6M) — The state has committed to contributing, though the exact mechanism and timeline haven’t been finalized.
• Snohomish County: ~4% (~$4.8M) — The county is in for a contribution as well.
• Everett AquaSox ownership: ~9% (~$10.8M) — The team’s ownership group is contributing as a condition of occupying the stadium.
• United Soccer League: ~9% (~$10.8M) — The USL is expected to contribute similarly, pending final lease agreements.

Add that up: roughly $76 million committed or expected. Against a $120 million budget, that leaves the $38 million gap.

How Does Everett Plan to Close the Gap?

This is the central question. City officials and the mayor are pointing to two strategies:

1. Private Investment

The city is actively seeking private investors — local and regional business leaders and investors who would put capital into the project. Mayor Franklin’s State of the City address in March 2026 emphasized that Everett needs “new pathways to long-term, sustainable revenue” and positioned the stadium as a catalyst for that investment. City council members have pointed to similar projects on the West Coast where private dollars closed comparable gaps.

2. Additional Municipal Bonds

If private investment doesn’t cover the full gap, the city may issue supplemental bonds. This is the less popular option — it puts more city debt on the table — but officials say they’re confident the stadium’s revenue stream can support additional bond service.

The Everett Chamber of Commerce has publicly supported the project, and the Herald’s editorial board has urged the city to keep pushing on funding. But there’s also real community skepticism: the Snohomish County Tribune has published critical op-eds questioning whether taxpayers should shoulder more of the cost.

What Has to Happen Before Council Votes?

Before city council can give final approval to build the stadium, three things need to happen:

• The $38 million gap must be closed — or at least have a credible, council-approved funding plan.
• Property purchases must be finalized — Two parcels are under contract as of spring 2026, but none have closed. The city can’t finalize designs without knowing what land it controls.
• Lease agreements must be signed — The AquaSox and USL lease negotiations are ongoing. The city expects these to wrap within weeks, but “weeks” has been said before.

Council then needs to vote to approve the project. That vote is the formal green light for construction to begin — and construction needs to start almost immediately if the April 2027 deadline is going to hold.

What Happens if the Timeline Slips?

The AquaSox are currently playing at Funko Field. If the new stadium isn’t ready for April 2027, they stay at Funko Field. The USL timeline also slides. The economic activity the city is projecting — “tens of millions of dollars” annually, per Mayor Franklin — gets pushed out by at least a year, probably more.

For context: the original cost estimate was $82 million. It’s now $120 million. The original target was to open before 2027. We’ll see if that timeline holds.

Our Take

We want this stadium built. A multi-use venue in downtown Everett — baseball, soccer, concerts, community events year-round — is exactly the kind of infrastructure that accelerates the momentum we’re seeing at the waterfront and in the downtown core. The location makes sense. The design makes sense. The teams make sense.

But the funding math needs to close, and close publicly, before this becomes a real project instead of a very expensive set of architectural renderings. The city owes residents a clear, accountable answer to: who is putting in the $38 million, and what happens if they don’t? We’ll be watching every council session until we get it.

Frequently Asked Questions

How much does the Everett downtown stadium cost?

As of spring 2026, the estimated cost for the Everett Outdoor Event Center is $120 million, up from an original estimate of approximately $82 million. The increase reflects additional property acquisition needs and construction cost inflation.

Where is the Everett stadium going to be built?

The stadium is planned for a downtown Everett block between Hewitt and Pacific Avenues, east of Broadway. At least 17 businesses currently occupy the proposed site and will need to relocate.

Who is funding the Everett downtown stadium?

Funding comes from a mix of sources: approximately $40 million in city bonds (repaid by stadium revenue), contributions from the state of Washington, Snohomish County, the Everett AquaSox ownership, and the United Soccer League. A $38 million gap remains to be filled by private investors or additional bonds.

When will the Everett stadium open?

The city is targeting an opening for the April 2027 Everett AquaSox baseball season. City council has not yet given final approval to build. Construction would need to begin in 2026 to hit a 2027 opening.

Who will play in the Everett downtown stadium?

The stadium is designed for the Everett AquaSox (minor league baseball), two United Soccer League teams, and year-round events including concerts and community events. USL lease negotiations were still ongoing as of spring 2026.

Who is designing the Everett stadium?

DLR Group is the architect and Bayley Construction is the design-build contractor for the Everett Outdoor Event Center. Design was approximately 60 percent complete as of early 2026.

Has Everett city council approved the stadium?

No. As of spring 2026, city council has not given final approval to build the stadium. Final approval requires closing the funding gap, completing property acquisitions, and finalizing lease agreements with the sports teams.

What is the Millwright District? The Millwright District is the 10-acre second and largest phase of the Port of Everett’s Waterfront Place mixed-use development. Phase 2 adds 300+ residential units, 60,000+ square feet of retail and restaurant space, and 200,000+ square feet of commercial and office space to Everett’s working waterfront near the downtown core.

We’ve been watching the Millwright District take shape for years — the cranes, the construction fencing, the slow march of change along the waterfront. And right now, in spring 2026, the second and largest phase of Waterfront Place is officially underway. Private development partner Lincoln Properties is breaking ground on 300+ new residential units at the Millwright District, and when it’s done, the Port of Everett’s 65-acre waterfront transformation will look nothing like what stood here a decade ago.

Here’s what we know, what’s coming, and why this matters for everyone who lives in or near Everett.

What Is the Millwright District, Exactly?

The Millwright District sits within the broader Waterfront Place development — the Port of Everett’s $1 billion-plus effort to transform 65 acres of working waterfront into a mixed-use neighborhood. Phase 1 of Waterfront Place has already delivered: Restaurant Row is now home to Tapped Public House (which opened March 2, 2026, with Snohomish County’s largest open-air rooftop deck), Rustic Cork Wine Bar, The Net Shed Fresh Fish Market & Kitchen, and more tenants arriving this spring.

Phase 2 — the Millwright District — is a different scale entirely. We’re talking about a full 10-acre neighborhood being built from scratch, right on the waterfront near Everett’s downtown core. The project will deliver:

• 300+ residential units — waterfront apartment homes on Everett’s marina edge
• 60,000+ square feet of retail and restaurant space — a full neighborhood commercial district
• 200,000+ square feet of commercial and office space — bringing employers to the waterfront

Lincoln Properties, a national developer with a significant Pacific Northwest portfolio, is the Port’s private development partner on this phase. The groundbreaking for the first residential building was targeted for late 2025 into early 2026, with units expected to deliver as the project completes its build-out over the next several years.

Why Apartments on the Waterfront Are a Big Deal for Everett

Everett has been trying to bring residents to its downtown and waterfront for years. The Millwright District’s 300+ units represent one of the largest infusions of new residential supply the city has seen in a generation — and the location matters enormously.

These aren’t apartments tucked behind a strip mall off I-5. They sit within walking distance of the marina, Restaurant Row, the future Waterfront Place hotel properties, and — if things go according to plan — the Sound Transit Everett Link Extension station that will eventually connect the waterfront to Seattle’s light rail network.

Before Phase 2 breaks ground, the site already has 266 waterfront apartment homes from the first residential component of Waterfront Place. Add 300+ more units from the Millwright District, and you’re looking at nearly 600 waterfront homes where a working industrial port once sat. That’s a genuine neighborhood — with built-in foot traffic to support the retail and restaurant tenants the Port is recruiting.

The Port Is Still Hunting for a Flagship Dining Tenant

Alongside the residential groundbreaking, the Port of Everett is actively searching for one more piece of its restaurant puzzle: a high-end steakhouse or experiential dining concept willing to enter a long-term ground lease and build out a custom restaurant building on the final available parcel in the district.

This is significant because it signals the Port isn’t done curating Waterfront Place’s tenant mix — they want a flagship anchor that can draw diners from across Snohomish County and beyond. The right operator would build their own building on Port land, which is the kind of investment that only happens when a developer believes in a location’s long-term trajectory.

What the Full Waterfront Place Build-Out Looks Like

To understand the Millwright District in context, here’s what the complete 65-acre Waterfront Place development delivers when fully built out:

• 1.5 million square feet of total mixed-use development
• Two hotels — already in the plan and on site
• 566+ residential units (266 existing + 300+ Millwright Phase 2)
• Restaurant Row — multiple dining tenants open or arriving spring 2026
• Marine services — S3 Maritime opened early 2026 for recreational vessel maintenance
• Expanded public parking — with a free waterfront shuttle updated for 2026

The scale is hard to fully appreciate until you drive past it. This is not a small development. This is a new neighborhood being built on top of what used to be working waterfront infrastructure, and the pace has visibly accelerated since 2024.

What This Means for Everett’s Housing Supply

Everett’s housing market has been under pressure from demand and constrained supply for years. The latest data shows the median sale price in Everett near $547,000 in early 2026 — even amid some year-over-year softening. Adding 300+ new units to the waterfront won’t solve Everett’s affordability challenge on its own, but it adds meaningful supply in a location where none existed before.

These will be market-rate waterfront apartments — which means they’ll serve a specific segment of the market. But their arrival matters for the broader supply picture. Everett needs units. The Millwright District is delivering them.

Our Take

The Millwright District Phase 2 groundbreaking is the moment Waterfront Place stops being a promise and becomes a neighborhood. Restaurant Row proved the concept works — Tapped Public House is already packing in customers, and more tenants are coming. Now the residential component is arriving at scale, which means the foot traffic, the energy, and the sense of a real waterfront district are all about to intensify.

We’ll be at the waterfront watching the cranes go up. Follow along with us.

Frequently Asked Questions

When will the Millwright District apartments be ready?

Lincoln Properties began the groundbreaking phase for Millwright District residential units in late 2025 into early 2026. The full build-out of the 300+ units will unfold over several years.

Who is developing the Millwright District?

Lincoln Properties is the Port of Everett’s private development partner for the Millwright District. The Port retains ownership of the waterfront land.

How many apartments are in the Millwright District?

The Millwright District Phase 2 will deliver 300+ residential units. Combined with 266 existing waterfront homes in Phase 1, the full Waterfront Place development will have approximately 566+ waterfront residential units.

Is Millwright District the same as Waterfront Place?

The Millwright District is the second and largest phase of the Port of Everett’s broader Waterfront Place development. Waterfront Place is the 65-acre, 1.5-million-square-foot mixed-use project; the Millwright District is its 10-acre Phase 2 component.

What businesses are already open at Waterfront Place?

Restaurant Row at Waterfront Place includes Tapped Public House (opened March 2, 2026), Rustic Cork Wine Bar, and The Net Shed Fresh Fish Market & Kitchen. Menchie’s at the Marina and Marina Azul Cocina & Cantina are expected to open spring 2026. S3 Maritime also opened early 2026 for marine services.

Is there parking at Waterfront Place?

Yes. The Port of Everett offers two-hour free parking zones and a free waterfront shuttle with expanded service coming spring 2026. The Port published a 2026 Visitor Parking “Insider’s Guide” with full details at portofeverett.com.

What kind of flagship restaurant is the Port looking for?

The Port of Everett is seeking a high-end steakhouse or experiential dining concept interested in a long-term ground lease on the final available parcel in the Waterfront Place district. The chosen operator would build their own restaurant building on Port-owned land.

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Go Deeper: We’ve published detailed knowledge nodes expanding on this story for specific Everett audiences:

• Millwright District Phase 2: A Complete Guide to Everett’s New Waterfront Neighborhood
• Living at the Millwright District: What Everett’s New Waterfront Apartments Mean for People Moving to the City
• Visiting Everett’s Waterfront in 2026: What the Millwright District and Waterfront Place Are Becoming

Q: What is the median home price in Everett WA in April 2026?
A: The median home price in Everett, WA is $635,000 as of April 2026, down 0.8% year-over-year, with 190 new listings and homes spending a median of just 11 days on the market.

Everett Housing Market Update: April 2026 — What Buyers and Sellers Are Seeing Right Now

We pull together a monthly snapshot of the Everett housing market because the numbers tell a story that generic regional reports often miss. Everett is not Bellevue, and it is not Marysville — it has its own supply dynamics, its own buyer pool, and its own relationship between price and pace. Here is what the April 2026 data is showing us.

The Headline Numbers

The median home price in Everett, WA sits at $635,000 over the last 30 days, which is down 0.8 percent year-over-year. That modest year-over-year dip is worth noting, but it should not be read as a cooling market — the pace data tells a very different story. The median days on market is 11 days. There are 190 new listings that have come to market. Total active inventory is 410 homes for sale, which is up 18.2 percent compared to the same period last year.

More inventory, slightly lower median price, and homes still moving in under two weeks. That is the compressed version of where the Everett market sits right now.

The Market Is Splitting by Price Point

The most interesting dynamic in Everett right now is not the headline median — it is what is happening at different price points. Local market data is showing a distinct segmentation:

Homes priced under $750,000 are moving fast. Buyers in this range have very little time to deliberate before a well-priced home goes under contract. This is the core Everett market where competition remains sharp despite the inventory increase.

The $750,000 to $949,000 range has shifted notably. What was a slower, more deliberate segment has flipped to become extremely competitive in recent weeks. Buyers who were expecting more negotiating room in this range are finding less of it than they anticipated. This is a meaningful change for move-up buyers and for anyone relocating from Seattle or Bellevue who might be looking for more space at a price point below the million-dollar threshold.

Above $950,000, conditions are more variable, but even here the pace has accelerated. Segments that were sitting at around three months’ inventory-equivalent pace have compressed to under two weeks in some cases. High-end inventory in Everett remains limited, and when well-priced properties hit the market, they are not lingering.

The Sale-to-List Price Ratio

Everett homes are closing at a median sale-to-list price ratio of 100 percent — meaning the typical home is selling right at asking price. That is flat compared to the same period last year. Approximately 30.77 percent of homes sold above list price, which is down about 1.9 percentage points year-over-year. So slightly fewer bidding wars than a year ago, but competition is still very real for correctly priced homes.

The 100 percent sale-to-list ratio in a market with 11-day median days on market is a signal that sellers are pricing correctly and buyers are not finding much room to negotiate below list. If you are a buyer hoping to come in under asking price and negotiate your way to a deal, the data suggests that strategy is not working well in Everett right now, particularly under $750,000.

What the Inventory Increase Actually Means

A 18.2 percent year-over-year increase in total homes for sale sounds like a lot, and it is worth contextualizing. Everett’s inventory base was tight in 2025, so the increase from that compressed baseline still leaves total inventory relatively lean compared to balanced market conditions. Four hundred and ten active listings across a city of Everett’s size is not an abundance of choice for buyers — it is more options than last year, but not a buyer’s market by any meaningful definition.

The inventory increase is healthy. It gives buyers more options, reduces panic-buying dynamics, and contributes to the slight year-over-year softening in the median price. But it has not fundamentally shifted the supply-demand balance that has characterized Everett’s housing market for several years.

The Development Context: New Supply Coming Online

It is worth connecting the housing market numbers to the development activity we cover on this desk. The Port of Everett’s Waterfront Place project is adding residential and mixed-use capacity to the waterfront. The downtown core is seeing investment and potential transformation around the planned Outdoor Event Center site. These are not immediate supply additions that show up in April 2026 inventory numbers, but they represent the medium-term supply pipeline for Everett’s housing market.

Sound Transit’s Everett Link Extension — targeted for a Paine Field phase by 2037 — will have more immediate effects on housing demand near future station areas well before tracks are laid, as buyers and investors begin positioning around transit corridors. That dynamic is worth watching in neighborhoods adjacent to planned station sites.

For Buyers in April 2026

If you are shopping in Everett right now, the practical reality is: move quickly in the sub-$750,000 range and do not assume you have room to negotiate. The $750,000 to $949,000 range has tightened up, so if you were waiting for a softer moment there, you may have missed it. Above $950,000 is less predictable — specific properties and neighborhoods matter more at that price point than market-wide averages suggest.

Pre-approval and a clear understanding of your walk-away number are more important than they were a year ago when the market had slightly more breathing room.

For Sellers in April 2026

Correct pricing still matters. The 100 percent sale-to-list ratio reflects a market where sellers are pricing accurately and buyers are accepting those prices — not a market where sellers can pad the list price and expect to negotiate down to a reasonable number. Homes that come in overpriced are taking longer and sometimes requiring price cuts that cost more time and money than pricing right the first time.

The 11-day median days on market means a well-priced, well-presented home is under contract in under two weeks. That is a good market for sellers, but it rewards preparation and correct pricing rather than opportunism.