First Amendment to Ground Lease with
Duke’s Shilshole Bay Chowder House, LLC
at Shilshole Bay Marina
Jan 9, 2018
1
Item No. 8c_supp
Meeting Date: January 9, 2018
Shilshole Bay Marina
Restaurant Pad Location
2
Shilshole Bay Marina
“Central Plaza Area”
(current)
Shilshole Bay Marina
Office and Retail
Restaurant Pad Location
Leif Erikson Statue
3
Shilshole Bay Marina
“Central Plaza Area”
(proposed)
Leif Erikson Statue
Restaurant Pad Location
SBM Main Office
4
Shilshole Bay Marina
“Restaurant Building Pad”
(proposed)
5
Duke’s Shilshole Bay
Chowder House
“Restaurant Floor Plan”
N
6
Project Benefits
• Supports Maritime’s goal of creating a “Destination Marina”
• Meets marina customers desire for full-service restaurant
• Creates an additional community meeting place
• Proposes sustainability practices that support Port environmental goals
• Draws new patrons and customers to the Marina and upland businesses
• Creates additional visibility for Shilshole Bay Marina
• Tenant bears construction cost, however building will become a Port asset
• Increased generation of lease revenue for the Port
Adding Amenities at the Port’s Largest Recreational Marina
7
Key Revised Lease Terms
• Premises: Adding 1,522 SF for a total of 8,022 SF
restaurant pad
• Construction Rent: Increased to $3,216 per month until
Substantial Completion
• Post Construction Rent: Increased to $12,864 per month
annually.
(no later than August 1, 2019 or substantial
completion, whichever is sooner)
Ground Lease Rates Above Market
8
