Norwegian immigrant Almer Skotdal arrived in the U.S. like so many others seeking a better life.
He came to Everett in 1930, slept on a cot at the local YMCA, and made plans to start his first venture, West Coast Dairy. Some 35 years later, he sold the company and invested the proceeds into a small retail center in Snohomish, kicking off a family enterprise that would carry on long after him.
Around that time, his son was just getting started in real estate and for most of Art Skotdal’s 73 years, he and his wife, Marianne, have been actively managing and growing a portfolio of office, retail and apartment properties, primarily in Everett.
Many of the office buildings that shape Everett’s skyline are owned by the family, making the Skotdal name synonymous with its downtown.
Nearly 90 years later, Almer’s grandson, Craig Skotdal, 42, helps lead the family business into its next chapter, which he describes as “making Everett one of the best places to live and work in Puget Sound.”
While that may sound bold, to Skotdal it’s entirely achievable and his family enterprise has invested significant capital into that narrative.
Their latest investment, Aero Apartments (www.flyaeroapts.com), is a 102-unit mid-rise in the heart of downtown Everett with sweeping views in each direction. It’s part of their strategy for urban renewal.
According to Craig Skotdal, his family has chosen to focus their investments in a core area of downtown in order to multiply the positive impacts of each new project.
The family’s commitment to the arts, architecture, and other amenities for their projects help ensure that Everett’s transformation “will have its own unique character and identity.”
Skotdal says that the added value “doesn’t always pencil, but it’s our way of giving back to the community and encouraging others to step up their investment in Everett as well.”
Skotdal, a local Everett High School product and Stanford University grad, has overcome a profound hearing loss, having only 10 percent hearing in one ear.
He hasn’t let the physical challenge hold him back — Skotdal taught himself how to read lips and recently ran his first half marathon while wirelessly streaming music on his Bluetooth enabled hearing aid. He’s learned how to create opportunity from challenge and applies that same philosophy to the family business.
With two new hotels and two new apartment properties, including the Aero Apartments, entering the market within 24 months of each other, there’s a real chance that the critical mass Skotdal envisions is real now and being delivered by a wide range of investors and developers.
He’s optimistic. “Somewhere between 400 and 600 new residents or hotel guests will be downtown every day visiting local restaurants and shops. It’s the missing ingredient for revitalizing Everett’s urban center, especially for making retail viable.
“We’re not quite ‘there’ yet, but we’re very close, and our company is proud to be contributing to the momentum that everyone is excited about today.”
Tom Hoban is CEO of The Coast Group of Companies who writes regularly for The Herald Business Journal. Contact him at 425-339-3638 or tomhoban@coastmgt.com or visit www.coastmgt.com. Twitter: @Tom_P_Hoban.
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