- Funding Needed
- $420 (Mio)
- EB5 Funding
- $51 (Mio)
- Amount Subscribed
- $420 (Mio)
- EB-5 Investors
- Investment Amount
- Job Creation (Total)
- Other Foundation, Structure, and Building Exterior Contractors
- 1125 Alaskan Way, Seattle, WA 98101
- Last Update: June 10, 2016 07:50 AM
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Seattle Waterfront Improvement Project
- Developer Name
- City of Seattle
Seattle Waterfront Project Background
The Seattle Waterfront is an important part of the cities infrastructure. The Seattle Waterfront improvement is made up of two different portions;
1) Elliott Bay Seawall, and
2) Public Pier 57, and 62/63 construction.
The current Elliott Bay Seawall is over 80 years old and has served its purpose. The 20 blocks of seawall that was built in the 1920’s was not designed to withstand earthquakes, which have a 10% likelihood of hitting the area again in the next 10 years. In addition, waves and tidal forces have eroded fill from behind the seawall, creating voids that lead to structural damage and instability of the seawall, the underlying structure of the roadway, and other public and private infrastructure.
The Public Piers 57 and 62/63 are in need of major repairs to be able to be used for public events such as, concerts, rollerskating, tourism, etc. The City of Seattle has decided that the safety of its citizens is important when using the waterfront and this update is necessary to ensure that safety. The city has also re-designed the piers to make sure of the space including more entertainment options.
The Washington State Legislature has approved the construction work for the Seattle Waterfront with a total $420 million budget. The overrall project is projected to generate more than 3,900 jobs with most jobs created between 2015 and 2018.
The Seattle Waterfromt Improvement Project has 4 major components:
•Habitat and Ecosystem Restoration (5%)
•Transportation and Access (9%)
•Environmental Protections (14%)
•Seawall/Pier Structure (72%)
The project initially began in 2013 with the approved funding from the City of Seattle. The project has been underway ever since with a completion timeframe of 2017.
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