The Bothell City Council approved a Purchase and Sale Agreement for 5.5 acres of property in downtown Bothell with Polygon Homes for $5 million during its meeting Tuesday night.
The agreement will allow Bellevue-based Polygon Homes and Pacific Northwest Home Builders, LLC. to construct approximately 100 for-sale town homes in the newly redeveloped downtown Bothell, just north of the King County Library and south of Pop Keeney Stadium.
“These agreements serve as the transaction documents necessary for another downtown development to transform the historic downtown into a vibrant pedestrian center envisioned by the adopted downtown plan,” said City of Bothell spokesperson Catherine Jansen.
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The builders will also contribute to off-site redevelopment, including adjacent roadways, according to the city. Polygon may have to spend $3.2 million for road improvements.
“The agreement with PNW Home Builders is another example of how the city is partnering with the development community to fulfill its community’s dream of a revitalized downtown and further shows the strength and interest in the Bothell market,” Bothell City Manager Bob Stowe said. “We are excited to work with PNW Home Builders, as they develop and complete an important piece of the community’s vision for a vibrant mixed-use community, creating a sense of place and commons for family and friends to enjoy and business to prosper.”
Under the agreement, Polygon has four months to further evaluate the deal before purchasing the land.
The documents lay out a timeline for construction that will work alongside other redevelopment projects aimed at revitalizing the area. Some of those projects include The Village, McMenamins and Six Oaks. City officials stated that these projects amount to more than $200 million of private investment in the downtown core.
“Early stage work on City Hall and the West Boulevard projects are going to bid this spring, and the Crossroads realignment and second stage of Wayne Curve is now underway, as well as the UWB Science building,” said Jansen.
The city launched the downtown redevelopment in 2005. It is the biggest ongoing construction project in the city’s history, which includes the relocation of SR 522, or the Crossroads project, which began in 2010. It will add two blocks to the downtown business district and straighten out the busiest roadway in the city. The project is fully funded and costs $54.8 million. It is projected to be completed in the summer of 2014. Private investment will also account for more than 1,000 new rental units during the next few years.The city plans to invest $150 million in the various projects. All of the construction projects together are projected to generate 8,400 jobs prior to the agreement with Polygon.
The 2013-2014 budget includes $96.1 million Capital Fund infrastructure investments. The investment will leverage $650 million in private investment. The development is also designed to help with city revenue to fund services.
