LYNNWOOD – A walk across the street from Alderwood mall sometime in the future might offer shoppers a whole new selection of stores as well as a place to live.
Texas-based Cypress Equities’ plan for the acreage where Lynnwood High School sits now calls for a mix of housing units, stores, a hotel and even some office space.
Altogether, the development could cost $245 million and spread over the entire 40 acres at the site – about half the acreage on which the Alderwood mall sits.
Cypress’ conceptual plan includes space for a two-story retail store with about 108,000 square feet. For comparison, that floor space is about the same as the average Fry’s Electronics or Home Depot.
A large supermarket also is envisioned on the north side of the property, with small shop space making up the remaining retail area, including street-level spaces located underneath living units.
The site is perfectly placed for such a development, said Stacy Reid, a retail associate with commercial property firm Cushman &Wakefield in Seattle.
“I think what they’ve planned is a great idea, and will make it a stronger area,” she said.
Constance Wilde, vice president at CB Richard Ellis in Seattle, agreed there’s room for more stores near Alderwood “without being redundant.” But the new development’s proximity to Alderwood isn’t enough to make it an instant success, she added.
That’s because the trend for retail developments is to eschew traditional malls, which are struggling in many places to attract customers. The amount of congestion and competition around Alderwood also could be a deterrent to people who might otherwise be interested in living and shopping at Cypress’ development.
On the other hand, Alderwood seems to have retained its attractiveness to shoppers, especially after its remodeling and addition of outdoor shopping areas in recent years. The center is near the top statewide in terms of customer spending per square foot of stores, Reid said.
Cypress clearly believes in the value of the high school site. Its 99-year ground lease of the property gives the Edmonds School District $1 million upfront, $1 million during each year of the project’s construction and then a percentage of the property’s appraised value or net revenue from rents and sales, whichever is higher. After the first 10 years, that percentage could escalate, district spokeswoman Martha Miller said.
The district isn’t scheduled to have the new Lynnwood High School ready until about 2009, so Cypress can’t begin work until then. Lynnwood city officials also have warned, after some local criticism of Cypress’ plan, that nothing is finalized until Cypress goes through the approval process for zone changes and other permits.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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