In addition to an agriculture hub, the Pagoda Village project also aims to bring a hotel, 220 luxury apartments and a public plaza.
Everett developer Lobsang Dargey said the market should be ready to open next year.
"This has been planned for many years," he said Monday.
Before construction can begin, crews will need a few months to prep existing buildings for demolition, then tear them down.
Snohomish County and Everett city leaders are expected to attend an 11 a.m. ceremony at the site, which occupies much of Grand Avenue between Wall Street and Hewitt Avenue.
Path America, a company founded by Dargey, is developing the project. The firm relies on foreign investments through a government-sponsored program designed to create local jobs.
City and county officials since at least 2011 have been strong advocates of the year-round farmers market, which they have touted as a boost for local agricultural businesses. They initially predicted it would be ready by spring 2012.
The farmers market is the second phase of the project.
Excavation has been underway since summer on the first phase, a 110-unit Hampton Inn.
The final phase involves luxury apartments.
"The housing we're providing is going to be very high-end," Dargey said.
The total cost for building Pagoda Village is expected to be $53 million. Dargey said the Everett project will be the model for similar Pagoda Village complexes he wants to build elsewhere in the region.
Dargey also owns Potala Village on Rucker and Pacific avenues and the Everett Public Market Building on Grand Avenue.
Noah Haglund: 425-339-3465, firstname.lastname@example.org.
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