Funding is secured to start construction on the vacant Anderson School redevelopment project in downtown Bothell by the McMenamins Inc.
The company plans to break ground on the project in late September with the goal of a November 2015 opening. The building will turn into a hotel resort that will include 73 hotel rooms, a restaurant, bars, a brewery, a theater and a tropical, tiki-themed pool area. McMenamins is known for keeping the integrity of buildings they take over and plan to keep that construction tradition as they leave behind quirky hints of the Anderson School’s building behind.
The $25 millin projects has been in the works for at least six years as a public-private partnership between the city of Bothell and the Portland-based company. Bothell City Manager Bob Stowe said he expects building permits to be issued for the project within the week.
In April, the founders of family-owned McMenamins Inc., which operates 52 distinctive pubs, restaurants and historic hotels in the Pacific Northwest, invited private investors to join them for the first time to redevelop the vacant 1930s art deco Anderson School building into a vibrant community hub and travel destination. Anderson School Properties believes the offering is one of the largest Rule 506(c) real estate offerings in the Pacific Northwest completed without the assistance of a third-party investment facilitator.
“We are really excited to get started on it and get it open in 2015,” said Larry Dartmund, CFO. “The city of Bothell has been very cooperative with us and we can’t wait to get this started.”
Anderson School Properties closed the equity offering on Aug. 22 with 23 investors almost entirely from the Northwest, many familiar with the Anderson School property or fans of McMenamins’ unique approach to business and commitment to community. With an average investment of approximately $274,000, Anderson School Properties raised $6.3 million and will complete the project funding with a combination of approved loans and equity. Closing on the debt portion of the capital is expected to occur by mid-September.
“The renovation of the Anderson School is moving forward thanks to a group of investors who, like us, believe in downtown Bothell and the power of public spaces to bring community together,” said Mike McMenamin. “When finished, it will be a place filled with local art and history, good music, and great food and drink, where we hope everyone can feel at home.”
Anderson School Properties investment details, project design schematics and additional background are available at AndersonSchoolProperties.com.
