EVERETT — Skotdal Real Estate has begun construction of the second phase of Library Place in downtown Everett, saying the economy has improved enough to continue its urban living development.
The second phase, which will be next to the existing 22-unit building, will be five stories tall and include 179 more apartments adjacent to the Everett Public Library.
It’s expected to be completed in the summer of 2012.
“What we’re most excited about is bringing new residents to downtown Everett,” said Craig Skotdal, president of Skotdal Real Estate. “There’s been a challenging economy of late, Everett has some great shops and we’d like more people to see them.”
He added that transforming downtown Everett into a “vibrant and economically viable urban center” has been a family goal for 20 years.
The second phase of the project was placed on hold in 2009 because of the recession. Skotdal said a number of things have happened since then to make him want to continue with the project.
They include:
• A strengthened real estate market with vacancy rates for apartments in the Puget Sound area that he said had dropped to 4.6 percent.
• The Boeing Co.’s success in its bid for the Air Force tanker contract, as well as production of its new 747-8 and 787 jets. “Boeing is a big part of that (construction decision),” Skotdal said. “We expect Boeing employees to be prospective renters. And every Boeing job creates three other jobs.”
• The planned replacement of the aircraft carrier the USS Abraham Lincoln by the USS Nimitz at Naval Station Everett.
• The near completion of the $500 million medical tower at Providence Regional Medical Center in Everett.
• Lower construction costs.
“By waiting until now, we’ve been able to capture additional savings in the cost of building the second phase and will have the opportunity to begin leasing apartments in an environment where job creation and consumer confidence are creeping back,” Skotdal said.
He said the company was able to save “several millions of dollars in construction of the second phase.”
“There have been very few new projects and the lack of new construction has created a stronger demand for apartments,” he said.
The first 22 units have all been rented, but the company had to reduce initial asking prices to find renters, Skotdal said, adding that’s not uncommon for new projects.
Since the first phase of Library Place was built, another urban apartment project — Potala Village — has been completed at the northwest corner of Rucker and Pacific avenues.
Skotdal said his company doesn’t “build based on what other people are doing.
“We try to set a different standard,” he said.
The existing Library Place building at the corner of Rucker Avenue and California Street has units ranging in size from 758-square-foot lofts to 1,341-square-foot two-bedroom townhomes.
The second phase will range from 510-square-foot studio units to two-bedroom apartments with 1,120 square feet.
The project will have a common outdoor courtyard and include two retail spaces. Skotdal said he’d like to see a wine bar, a yoga studio or a retailer with food and beverage.
He noted that the adjacent library had 400,000 visitors last year that could also be potential customers.
The Library Place project already has a 230-stall parking garage that includes charging stations for electric vehicles.
Skotdal said the new units will have energy saving windows and doors, energy efficient lighting and appliances and a recycling program.
For more information, go toLibrary-Place.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
