The Proposal

How to Realize the Vision

As the saying goes, “Complex problems require complex solutions.” Innovating to a workable solution for Point Hudson has taken a year of planning and four months of intensive three-way deliberations that revealed a central tenet: while a single entity managing the full scope of the property might be simplest, the potential benefit of collaboration far exceeded the cost of navigating the complexity of aligning the three entities. To borrow another phrase: “If you want to go fast, go alone; if you want to go far, go together.”

Point Hudson is a unique property with its own particular set of challenges and opportunities. Despite the complexities, working with the Port and City we think we have developed the collaborative and innovative solution to create the best possible outcome for the fullest scope of our community.

    Option 1: Comprehensive Approach

    Properties under NWMC management:
    • All of Point Hudson properties

    Total financial consideration:
    • $3.5M for forgoing development
    • $1.0M in capital improvements
    • $350K a year in lease payments
    • $4M in deferred maintenance (over time)
    • 15% share on net income improvements

    Governance/transparency:
    • Strong lease document
    • Point Hudson Advisory Board
    • Quarterly NWMC/Commission meetings

    Property protection:
    • Strong lease document
    • National Landmark status

    Site Activation:
    • Boardwalk/Interpretive trail
    • Public Visitor Center
    • Pavilion
    • Open space park on Point/relocated RVs

    Option 2: Phased Approach

    Phase 1 (2019)

    Properties under management:
    • Maritime Heritage Corridor
    • Marina
    • Cupola and surrounds
    • Expanded SEA Marine

    Finances:
    • $2.5M for forgoing development
    • $1.0M in capital improvements
    • $150,000 a year in lease payments
    • 15% share on net income improvements

    Governance/transparency:
    • Strong lease document
    • Point Hudson Advisory Board
    • Quarterly NWMC/Commission meetings

    Property protection:
    • Strong lease document
    • National Landmark status

    Site Activation:
    • Boardwalk/Interpretive trail
    • Public Visitor Center
    • Pavilion
    • Open space park on Point/relocated RVs

    Phase 2 (2025)

    Properties under management:
    • All of Point Hudson properties

    Additional financial consideration:
    • $1.0M for forgoing development
    • $200K a year in lease payments
    • $4M in deferred maintenance (over time)

    Governance/transparency:
    • Strong lease document
    • Point Hudson Advisory Board
    • Quarterly NWMC/Commission meetings

    Property protection:
    • Strong lease document
    • National Landmark status

    Site Activation:
    • Boardwalk/Interpretive trail
    • Public Visitor Center
    • Pavilion
    • Open space park on Point/relocated RVs