Many positive developments
Published 12:01 am Friday, January 14, 2011
Although the real estate market still faces a long climb out of the recession, a recent series of positive developments has put a decidedly bullish face on downtown Everett.
Last week’s announcement that a 60,000-square-foot, indoor, year-round farmers market is planned on Grand Avenue
between Hewitt Avenue and Wall Street was the latest piece of good news. It coincided with the official opening of Potala Village, a 108-unit apartment and retail building a block from there the farmers market will be. The force behind both projects is developer Lobsang Dargey, whose vision and ability to sell it to fellow investors has been a welcome addition to downtown.
Dargey Enterprises also plans to build 180 housing units above the farmers market, which when it opens will be the realization of a long-time dream for farmers and consumers throughout Snohomish County. Besides providing more local customers for county agriculture, it will surely serve as a magnet for increased foot traffic and economic activity in the downtown core. Plans are for the market to open by the middle of next year.
This follows last month’s announcement of an upscale hotel just three blocks to the east. The city is finalizing a deal with a Seattle developer to bring an eight-story Courtyard by Marriott to the southeast corner of Colby Avenue and Wall Street — downtown’s first big hotel in modern times. Like newer residential developments, it’s expected to have a retail presence on the ground floor, including an upscale restaurant.
A block to the west of that site, artists have moved into the new ArtSpace Everett Lofts, part of a regional arts complex that will also house the Shack Art Center beginning this spring.
The city’s role in securing the hotel deal, and as a facilitator for the ArtSpace project, shows how government can help set the stage for economic growth by looking for positive opportunities and working with investors to capitalize on them.
Farther north, the new medical tower at Providence Regional Medical Center Everett is near completion. That $500 million project, the largest capital investment in Providence Health & Services’ 150-year history, has been and will continue to be a huge economic boon to the region, as well as a center for world-class medical care.
On North Broadway, Everett Community College has opened its new Student Fitness Center and gym, a 2,250-seat facility that figures to draw regional tournaments and will help define a new northern gateway for the city.
While challenges remain, signs of a sustained economic recovery are getting stronger. These projects and others, taken together, will put Everett in a far better position than most to capitalize on it.
