The city of Bothell today announced the sale of 7.38 acres of prime, downtown property to companies affiliated with Main Street Property Group LLC, a company owned by the same principals who formerly owned CamWest Development LLC, a local residential builder.
The sites, formerly known as Lot K and Lot O, were purchased by the local development group for $7.1 million, plus $4,746,226 in infrastructure improvements. Combined, these two parcels will include 394 for rent residential units and approximately 30,000 square feet of retail and commercial space to advance the community’s vision for its downtown.
Both Lot K (Bothell Way Northeast at Northeast 183rd Street) and Lot O (behind Pop Keeney Stadium at 96th Avenue Northeast) are part of the 18 acres that the city of Bothell purchased from the Northshore School District in 2009. Together, they are located one block from the new McMenamins pub, two blocks from restaurants and shopping, a quarter mile from the University of Washington, Bothell/Cascadia Community College campus and directly on the bus line and bike trail connecting to area employment centers.
“The uniqueness of Bothell’s downtown revitalization provides a vibrant and walkable urban lifestyle. We expect that the residents will be from a diverse group, including students of all ages, workers and families from the technology, biotechnology, medical and education sectors, as well as others who want to live in the growing downtown core with access to existing and coming amenities,” said Kelly Price, Kelly Price Main Street Property Group LLC I president in a press release.
Price said his company was attracted to what’s occurring in Bothell, “whose downtown is transitioning from a car-oriented suburb to a walkable community with a more urban feel.”
Between 1980 and 2005, the population of the city of Bothell grew at a faster rate than either King or Snohomish county or the state as a whole, with an average annual growth rate of 5.6 percent, according to ECONorthwest.
Forecasts anticipate that the city will grow with an additional 12,000 residences coupled with downtown redevelopment projected to produce more than 2,000 residential units and 1,600 permanent jobs. One million residents live within 10 miles of the developing downtown district.
“With a wide array of amenities coming, and already in place, Bothell is ready to welcome a diverse population of new downtown residents, employees and retailers,” stated Bob Stowe, Bothell city manager in a press release. “These parcels are part of our community vision and demonstrate the city’s ability to emerge successfully from the recession and the confidence the private sector has in our actions.”
Key purchase and sale terms for Lot K + O:
Purchase price Lot K: $2,400,000 (excludes infrastructure investments)
Purchase price Lot O: $4,700,000 (excludes infrastructure investments)
Area purchased:
Lot K – Approximately 1.92 acres
Lot O – Approximately 5.46 acres
Development:
Lot K – Buyer to develop into mixed-use building consisting of ground floor commercial/retail uses, structured parking, and at least three upper floors containing approximately 150 residential units.
Lot O – Buyer to develop into mixed-use buildings consisting of approximately 15,000 square feet of commercial retail space and 244 residential apartments within two phases.
Closing: April 2012
