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EVERETT, Wash. -- The Port of Everett will announce plans Thursday to convert the fading industrial waterfront into a series of new mixed-use communities.

Waterfront Place is the name for the centerpiece which will boast four miles of walking a bike paths, five restaurants, and 350 new homes overlooking Puget Sound.

It's a major shift away from the mills, shipyards and fishing docks that helped build the community in the last century.

The Port expects to recapture the millions of dollars in public funds when developers pay ten times as much for purchases and in taxes.

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