The hearing is a requirement following an emergency ordinance the city imposed last month on the 12-acre project northeast of Silver Lake.
A developer had been poised to build a high-density mix of shops and condos, before losing some of the property to foreclosure.
The previous developer had drawn up development plans in consultation with neighbors and city staff. The project was to have included 185 homes, a new Safeway store and another 100,000 square feet of commercial space.
Those plans included an agreement to upgrade the city's Green Lantern Park.
Wednesday's public hearing is part of the regularly scheduled City Council meeting, which begins at 6:30 p.m. at 2930 Wetmore Ave. Everett.
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