Business

<< Previous   of   Next >> (click to enlarge)   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Tuesday, May 20, 2008 Apartments, shops planned for south Everett property By Eric Fetters Herald Writer EVERETT -- A complex of townhouses, hundreds of condominiums or apartments and retail space are planned for a site along 19th Avenue SE where a furniture store now sits. The nine-acre property at 9900 19th Ave. SE in southeast Everett recently changed hands for $9 million, according to Snohomish County records. The proposed development, dubbed Eastmont Station, isn't expected to start soon, however. "Right now, with the market doing what it's doing, we're just sitting tight," said Tony Kastens, who represents the Lake Stevens-based firm listed as the property's new owner. Until the economic climate favors the redevelopment project, the 112,000-square-foot store space is expected to remain. Originally constructed as a Home Base store, the building has been home since 2002 to Furniture Factory Outlet. Kastens confirmed, however, that city of Everett officials have approved a master permit for the site that allows up to 240 apartments or condominiums, 114 townhouses and some ground-floor retail space. Allan Giffen, the city's planning director, said the permit is good for 18 months, with the possibility for a six-month extension after that. The acreage slated for the mixed-use development is well located, just east of I-5 and within a relatively short distance of the Everett Mall, Costco and other shopping. Giffen said that as land values rise and land-use regulations make it more attractive to develop or redevelop areas inside the city limits, he would not be surprised to see other retail sites transformed into denser uses. "I would say this could be a trend we see more of. It's a lot easier to redevelop a big parking lot than to tear down a lot of buildings," he said. Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com

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