EVERETT – Jackhammers will begin tearing up concrete and asphalt at the Everett Mall soon, marking the start of a new addition to the shopping center.
The mall plans to hold a ground-breaking event and announce details of its twice-delayed, multi-million-dollar expansion project Thursday.
“It’s happening,” said Linda Johannes, general manager at the Everett Mall.
The start of the new addition will end a long wait for the mall’s management and shoppers, who’ve had their hopes raised twice before during the past five years.
In 1999, the mall’s then-owners, Titanic Associates, were working on expansion plans. But the company defaulted the next year.
Just two years ago, the mall’s management team announced a new expansion and renovation plan and demolished Everett Mall Village, a vacant strip mall west of the main shopping center. Building plans were filed with the city, but the new owners, Equitable, who had been Titanic’s main creditors, didn’t follow through before selling to Steadfast Commercial Properties of Newport Beach, Calif.
Since purchasing the mall for $50 million in June, though, Steadfast has shown it’s serious about improving the mall.
Among other things, the company secured an $84 million loan package to pay for the mall’s acquisition and renovation.
The lender, Colorado-based Newman Financial Services, said $14 million was designated for a 100,000-square-foot addition planned on the former strip mall site. The new building would house several large retailers.
Steadfast also has demolished two vacant buildings near the mall and proceeded with fixing the mall’s roof, lighting and other details in recent weeks.
Built in 1973, the Everett Mall was last expanded in 1989.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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