Anyone who’s ever tired of paying rent can appreciate this: Northcoast Yachts wants to purchase real estate for its future operations.
The yard, which has been building yachts at its present site in Tacoma, Washington, for many years, isn’t just trying to grab a bigger slice of the megayacht market. It actually needs to move. The Port of Tacoma, which has been leasing space to the yard (as well as other yacht builders), intends to develop shipping terminals on that land. While the Tacoma-area paper The News Tribune reports that port officials and Northcoast have discussed leasing space elsewhere in the area, it also says that Northcoast has applied for $10 million in revenue bonds to purchase land and move its facilities.
It’s interesting to note that the revenue bond program is a federal program, not one dependent on public money, with the goal of encouraging manufacturing and production, which in turn create jobs. The Economic Development Board (EDB) of Tacoma-Pierce County is working with the yard on the bonds, and Susan Suess, EDB’s vice president, was quoted by the paper as saying Northcoast is “ideal” for this type of program. “They’re the kind of company we want to grow here. They have global clients. They really are artists and artisans in designing and crafting these well-appointed, well-finished, comfortable yachts.”
If the bonds are approved by the bank as well as both the county and city councils–the latter of which is expected to review the proposal this week–then Northcoast may eventually purchase five acres it has been in talks to acquire from a woodworking company. The new site would house two buildings with a total of 62,000 square feet.
Stephen Yadvish, Northcoast’s owner, was quoted by the paper as saying, “I’ve been in Seattle for 22 years and took this over in 2003. I think we can grow, into military and commercial (contracts). I’ve invested a lot of tools and equipment and teaching these guys how to do this stuff. …Hopefully in a year we’ll have 100 to 150 employees.”
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