Two-year milestone yields results
Leading the largest municipal downtown project in the state, the City of Bothell will soon hit upon the two-year anniversary of the official April 2010 groundbreaking and is reporting that it’s on target for reaching the $650 million private investment goal.
Based on projections from private developers and Building Code Council valuations for square foot, the City anticipates that by the close of this year both projects underway and projects proposed combined will total an estimated $207 million dollars of private investment in the downtown planning area.
“After collecting information from committed developers, we are anticipating new development in the pipeline to total around $207 million, said Bob Stowe,” Bothell City Manager. “That is one-third of our $650 million, 25-year private investment goal for the downtown subarea.”
“The investments are important, but what is even more important is that the community’s vision is becoming a reality,” said City Mayor Mark Lamb. “What we are seeing now is the implementation of a multi-year planning effort to redevelop downtown with new residential, retail, office, mixed-use and an expanded park system. The citizens showed a tremendous amount of visionary leadership when they developed the revitalization plan for downtown and that vision is yielding results.”
Developers of the underway and proposed projects include MainStreet Properties, Wiedner Apartment Homes, Boulevard Place Associates, McMenamins and more. In all, the projects add up to an estimated 1,500 units of new downtown housing and over 144,000 square feet of commercial space.
“Implementing the vision takes action” stated Mayor Mark Lamb. “During more robust economic times, the City leadership chose to set aside onetime development revenues for future capital investment.
“Over the past two years, the City has broken ground on $89 million in fully-funded projects as part of the total $150 million in planned infrastructure improvements for downtown. The momentum and fiscal discipline of the City has captured the attention of the private development community.
“Since April 2010 the City has:
• Completed the $21 million Wayne Curve Project
• Relocated and aided 30 businesses
• Completed the first two phases of the $55 million fully-funded Crossroads Project
• Under contract to sell 14 acres of surplus land for private development
• Executed agreements for development of all but 1.5 acres of the property purchased from the Northshore School District, including a 7.4-acre, 400-housing unit project along with 30,000 square feet of retail planned by MainStreet Property Group, LLC
• Recruited McMenamins to transform the historic Anderson building into a 70-room hotel
• Launched a public-private partnership for a new civic campus block
• Removed 35,000 tons of contaminated materials from the downtown area in preparation for development
• Started storm water work in preparation for the Multi-way Boulevard Project
“This has all been accomplished without raising taxes during some of the most economically challenging times our nation, state and city have ever seen,” concluded Mayor Lamb.
“This is the exciting period, when some of the environmental remediation is done, first phase of infrastructure improvements completed and private development is poised to begin, said Bob Stowe. “Bothell residents and visitors will soon see more vertical development taking shape and our downtown vision becoming a reality.”
More information: www.FutureofBothell.com