BREMERTON – Construction on Marina Square, the $ 130 million housing development on the Bremerton waterfront, resumed this month after a nine-month closure.
The massive two-tower project was originally planned to include residential apartments and a Cambria hotel built on a three-story parking lot. Sound West Group Developers construction interruption in April 2020 while they redesigned the project as short-term accommodation for Navy contractors.
“We all want a waterfront hotel and would love to see that happen, but it was a practical direction given the time and circumstances, but we always seek to use at least part of it for the stay at. short term, ”said Wes Larson, CEO of Sound West Group.
The North Tower will remain a market-priced apartment complex of 125 units. The South Tower will feature 155 units of “workforce housing” – mixed-use suites and studios for Navy personnel and shipyard workers. Forty-five units will be reserved as “temporary stay” suites for temporary government contractors.
The floor plans of the South Tower units will remain the same, keeping the possibility of a hotel open in the future. The South Tower will be a mix of studios, one and two bedroom units starting at $ 1,370 per month, according to Larson.
“It’s all there in place and we could pivot and make a hotel,” Larson said.
The 363-space parking garage has been completed and will be available to Marina Square residents, commercial tenants and Bremerton Harbor tenants.
The new designs replace a planned restaurant and bar with additional bedrooms, but Larson said restaurant infrastructure will be integrated to enable a potential restaurant in the future.
“The point was to stay flexible, to keep the options open and to move forward on that basis,” said Larson.
Sound West Group halted construction while rethinking the project and reapplying for a permit. Funding for the project has also been a challenge – the COVID-19 pandemic has decimated the hospitality industry and made it difficult to obtain loans for hotel projects, Larson said.
“It’s a quasi-multi-family hotel asset, you know the workforce housing, and it’s a new concept and most banks don’t have a category for this type of loan,” Larson said. .
Sound West Group was finally able to finance the rest of the construction. Larson estimated the developers have spent $ 1.5 million in the past eight months to keep the leased crane on the property and pay the building contractors. He estimated that the new price for the project would be around $ 130 million.
Larson estimates construction will take between 16 and 18 months, with an opening date slated for spring 2022.