LYNNWOOD — The Edmonds School District is taking steps to lease and redevelop a prime piece of commercial property in Lynnwood where it now parks yellow school buses.
Another four properties the district owns also are slated for development, including a parcel across the street from the Lynnwood Convention Center that could become a hotel.
The 9-acre transportation site on Alderwood Mall Boulevard is located not far from Alderwood mall. It’s zoned as general commercial and is assessed at more than $12 million.
The district’s transportation, maintenance and grounds departments all are at the site.
“This property is of way more value to the district as a leased property than as a bus barn and maintenance facility,” said Stewart Mhyre, executive director of business and operations.
The district decided in 2006 to lease and redevelop several properties it owns, including the transportation site, so that each could be put to its highest and best use, Mhyre said. The 2008 economic downturn largely put those plans on the back burner.
Each of the redevelopment projects will take time — probably years. In order to redevelop the transportation site, the district first plans to move the transportation, maintenance and grounds departments to another piece of property the district owns off 52nd Avenue W. in Lynnwood.
The district’s 2006 master plan calls for that same piece of land also to hold the district office and a warehouse. Scriber Lake High School would then move into the district office’s current space.
Lease revenues from properties would go into the district capital fund and be used to help repair and replace district buildings. State law dictates that lease revenue be used for capital purposes, not student instruction.
Other properties the district plans to develop include:
Lynnwood Place: The district is moving forward on leasing and developing the 40-acre former site of Lynnwood High School, directly north of Alderwood mall.
A development company based in Texas called Cypress Equities plans to build apartments with retail stores, restaurants and offices at ground level. Costco also plans to build a store there.
The Lynnwood City Council granted zoning changes for the land on Feb. 25. When the project is finished, the development will be just under 1 million square feet, which is nearly as large as the mall. That doesn’t include Costco, which is expected to cover another 160,000 square feet.
Lynnwood City Center: This 3.9-acre site on 196th Street SW is across the road from the Lynnwood Convention Center. The site is vacant and the district may choose to lease or sell the lot for a hotel. The district continues to wait and watch the economy on the advice of a real estate consultant before moving forward with this project.
Former Evergreen Elementary site: The district knocked down the school and the site at 6004 237th St. SW in Mountlake Terrace is vacant. The site is 10.4 acres.
Former Melody Hill Elementary School: The district owns 5.9 acres at 6205 222nd St. SW in Mountlake Terrace. Students haven’t used this school site in nearly 20 years. The Melody Hill Elementary School buildings still stand but the district is leasing the buildings.