The steel-hulled Aquidneck was built in 1936 at Bath Iron Works in Bath, Maine. Aquidneck, meaning “at the island,” comes from the Algonquin language. Measuring 151 feet in length, with a 53 foot beam and 9 foot 6 inch draft, her speed 9 knots.

Originally launched on February 13, 1937, the Aquidneck was placed in service at the Naval Torpedo Station in Newport, Rhode Island on May 28th of that same year. Over the next three decades, Aquidneck operated as a ferryboat within the 1st Naval District, principally servicing Newport. She received naval honors including the American Campaign Medal, a World War II Victory Medal, and a National Defense Service Medal. She was place in reserve during October 1971 and transferred to the U.S. Department of the Interior on November 1, 1975.

On December 19, 1975, the Aquidneck was transferred to the State of Washington, with custody assumed by Pierce County one year later. At that time she was renamed M/V Steilacoom, and ran the Steilacoom-Ketron Island-Anderson Island ferry route devotedly for many years.

In 2007, the Steilacoom was sold to R.T. Wallace and then purchased that same year by Mike Cohen of MC Construction, with the intention she become the floating sales office for the new mixed-use neighborhood on the shores of Commencement Bay – Point Ruston. Renamed Point Ruston, the boat went through extensive renovations, transforming into her present state. In early 2008, the Point Ruston was put into service using her Grand Salon as the community sales suite.