Item No. 8c_supp
Meeting Date: January 9, 2018

First Amendment to Ground Lease with
Duke's Shilshole Bay Chowder House, LLC
at Shilshole Bay Marina
Jan 9, 2018

1

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)

SBM Main Office

Restaurant Pad Location

Leif Erikson Statue

4

Shilshole Bay Marina
"Restaurant Building Pad"
(proposed)

5

Duke's Shilshole Bay
Chowder House
"Restaurant Floor Plan"

N

6

Project Benefits
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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