EVERETT – A local developer is remaking a lot occupied by abandoned buildings near Memorial Stadium into a new retail center anchored by Starbucks Coffee.
Bob Dobler, managing partner of Everett-based Gamut360 Holdings LLC, said he hopes to break ground on what will be called Stadium Center before the month’s end.
The planned development at the northeast corner of 37th Street and Broadway will include a Starbucks with a drive-up window. It will have about 4,500 square feet of additional retail space.
The center on the half-acre property will replace several vacant houses that date to the beginning of the 20th century. One of the old houses on the property caught fire earlier this week.
Traffic at the location, which sees up to 36,000 cars pass by daily, makes it attractive for a retail project, Dobler said.
“We just happened to be in the right place at the right time,” he said of buying the property.
So far, interest from potential tenants has been strong, according to First Western Properties, which is handling leasing for the new development.
Jeremiah Durr of First Western said a payday loan business and teriyaki restaurant plan to locate at Stadium Center, which leaves two retail slots unsigned.
Dobler, a native of Everett, and his business partner, Bruce McKinnon, formed Gamut360 late last year. The two men have been involved in a number of residential and commercial property developments in Snohomish County.
If all goes according to schedule, Stadium Center could be finished sometime in the fall, Dobler said.
He declined to reveal the costs for the project.
While other properties along Broadway might seem ripe for redevelopment, Durr said other developers may be discouraged by relatively expensive land costs along the thoroughfare.
Reporter Eric Fetters: 425-339-3453 or firstname.lastname@example.org.