I wrote yesterday about Library Place, a modern-looking development in downtown Everett. So far, the owners are having a hard time renting it out, and they’ve already delayed the second phase of the project.
The development was a risk for Skotdal Real Estate. The cost of construction in Everett is comparable to that in Seattle and Bellevue, yet the return on investment tends to be lower, according to the company’s president.
But he said they wanted to take a leap of faith, to see if downtown Everett would support residential developments like this one. The idea is that stylish housing options is a boon for downtown employers and even better for the urban retail community.
Think downtown Vancouver B.C., for example.
That’s one city that gets quite a bit of credit for cultivating a “living-first” environment downtown.
But Vancouver has a population of 578,000. Everett’s population is 91, 500.
Do the same rules apply?
Know a small business you think we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
