In 1919, during the Post-World War I recession, Otis Cutting and John McLean started a partnership when they jointly purchased waterfront property on Lake Union and established the Lake Union Dry Dock Company.^{[citation needed]}

Between 1920 and 1954, Lake Union Dry Dock Company constructed a total of 63 vessels, the majority of which were not yachts. During Prohibition, rum-runners used fast boats to transport alcohol along “rum-lines” where they risked passage between ports in the western waters of both the USA and Canada. To address this challenge, the US Coast Guard commissioned Lake Union Dry Dock Company to construct fifteen 75-foot, high-speed Patrol Boats, an effort that achieved Lake Union Dry Dock Company economic viability as well as recognition for the craft and quality of the vessels they built.^{[citation needed]}

Following the start to their business, in 1923 Cutting and McLean hired R.M. Mooney, a former Marmon Automobiles agent. Inspired by Henry Ford's assembly line, Mooney implemented repeatable manufacturing processes to produce a stock cruiser, the Lake Union Dreamboat, to achieve a price point more accessible to yachting enthusiasts.^{[citation needed]}

From 1928-1930,^[1] Lake Union Dry Dock Company worked with noted yacht designer, Ted Geary, and built a series of four, 96-foot-long (29 m), fantail yachts^{[citation needed]} (Principia, Blue Peter, Electra, and Canim);^[1] each created with classic lines, luxurious joiner work, and fittings.^{[citation needed]} The company also made two sailing yachts: Pirate and Circe.^[2] Both vessels remained functional till 2019.^{[citation needed]}

Operating under the name Associated Shipbuilders in a joint venture with the nearby Puget Sound Bridge and Dredging Company on Harbor Island, a small number of yard minesweepers were built for the United States Navy.^[3]

• 18 of 481 YMS-1-class minesweepers
  • BYMS-9 ... BYMS-14
  • YMS-287 ... YMS-298

In 1946 Harry Jones, an attorney, and George H. Stebbins, a marine engineer, joined forces to purchase Lake Union Dry Dock Company,^[4] a union that would be followed by three subsequent generations. Much like their predecessors, Jones and Stebbins took over just after a world war. The post WWII era was lean, but the abundant market for of ship repairs and dedication to craft enabled Lake Union Dry Dock Company to thrive.^{[citation needed]}

A contract performed between 1952 and 1953, during the Korean War, resulted in construction of four 144-foot-long (44 m) minesweepers. This would be the last multi vessel construction contract that Lake Union Dry Dock Company would perform.^{[citation needed]}

During the 1960s and 1970s,^[5] Lake Union Dry Dock Company focused on vessel conversion and repair work. Alaska's rapid growth in that era caused a significant increase in the demand for repair of freighters, tugs and barges that supplied goods to the state. In response to an increase in marine traffic, additional US Coast Guard vessels were stationed in the region, each requiring periodic repair. Additionally, the Alaska Marine Highways System looked to Lake Union Dry Dock Company to service and refit vessels for their ferry fleet.^{[citation needed]}

The passing of the Magnuson–Stevens Fishery Conservation and Management Act in 1976 brought growth to the fishing industry in Alaska; dozens of US factory trawlers, catcher boats and longliners arrived on the scene and Lake Union Dry Dock Company became the principle repair source for the North Pacific trawler fleet. Between fishing seasons, it was not uncommon for several 200–300 feet (61–91 m) trawlers to be in the yard simultaneously. Yard craftspeople adapted to the specific needs of the fleet and developed new skills.^{[citation needed]}

In 1976, the yard acquired ex-USS White Sands (ARD-20), an Auxiliary repair dock ship. This required the ship with an 81 foot (25 m) beam to pass through the 80 foot (24 m) wide Hiram M. Chittenden Locks in Ballard. This was accomplished by heeling the ship to 38 degrees with ballast water then with 1,226 short tons (1,112 t) of ballast blocks and steel plates, plus additional buoyancy.^{[citation needed]}

Along with all the industry shifts, servicing wooden vessels remained a mainstay of Lake Union Dry Dock Company's operation. Capitalizing on the opportunity to maintain wooden minesweepers, Lake Union Dry Dock Company assembled vessel-specific tooling and established craft training to service sophisticated componentry. In 1990, after the Invasion of Kuwait, the US Navy enlisted Lake Union Dry Dock Company to prepare the Seattle-based Minesweeper Offshore (MSO) fleet for transit to the Persian Gulf.^{[citation needed]}

In 1994, the Taiwanese Navy contracted with Lake Union Dry Dock to refurbish and then transport four Mine Sweeper Offshore (MSO) to Taiwan. This job required a workforce of 140 craftspeople to concurrently perform repairs on all four vessels. In need of 70 shipwrights, who were difficult to recruit by 1990 due to changes in the labor market, Lake Union Dry Dock Company had to search Washington, Oregon, California, Alaska and British Columbia to assemble an appropriately skilled team. As part of the contract, Lake Union Dry Dock Company provided training to the Taiwanese maintenance staff. To fulfill the transport requirement to Taiwan, the shipyard found and prepared a heavy lift ship to deck-load and transit the four 176 foot (54 m) minesweepers, once delivered, Lake Union Dry Dock Company's relationship with wooden Naval Minesweepers was concluded.^{[citation needed]}

Between 1995 and 2001 Lake Union Dry Dock Company worked in collaboration^{[citation needed]} with the Virginia V Foundation^[6] to successfully restore the Virginia V; the last operational wooden steam passenger ship of its kind.^{[citation needed]}

Lake Union Dry Dock Company, in its 103rd year of business in 2019,^[7] remained a full-service shipyard specializing in vessel repair and conversions. Lake Union Dry Dock Company vessel repairs includes factory trawlers, longliners and catcher boats, deep sea and harbor tugs, barges, US Coast Guard ships including buoy tenders, medium and high endurance cutters and high-speed patrol craft, Washington State Ferries and regional high-speed passenger ferries, NOAA vessels, large yachts, and assorted commercial vessels.^{[citation needed]}