Lindstrom principal Sol Baron tells GlobeSt.com the site is about 80% built out with a 60,000-sf grocery store, a 28,000-sf office building, a dozen eateries, a movie theater, an athletic club, a health clinic, an assisted living community, and 50 other retail and professional businesses.
Baron the condominium project, which will feature a large interior courtyard, is slated for land previously held for office development, and, if all goes smoothly, other future office parcels could have condominium projects on them as well.
In the 1990s, when rents were skyrocketing, Baron says he focused on the office market to fill the vacant lots, and attracted Index Sensors and Controls from Totem Lake, WA, for whom the company built a 28,000-sf flex-office building. The company was attracted by the mixed-use atmosphere, the reverse commute and the low housing prices.
Then the office market fell apart, and Baron began re-examining the area's demographics mulling options. Condos-over-retail development held the most potential, says Baron, so about 18 months ago began the process of adjusting the city's general commercial zone to allow for more than just assisted living in the housing arena. The new allowances became official in May 2003, and since that time Baron has been working on getting plans approved and financing in place.
Zion Bank of Salt Lake City has committed to construction financing the project once 27 of the units are pre-sold. Windermere Camano Island Realty has the marketing/sales assignment.
To date, Baron says he has 17 reservations, mostly for the top floor, which means he has to turn those into deals and find buyers for 10 additional units before the project can move forward. Units sizes will range from 895 sf for a studio to 1,950 sf for a two-bedroom, two-bath unit that includes a den. Prices for individual units within the development will range from $162,500 to $350,000, which equates to about $178 per sf, well below comparable projects in the Seattle area, which sell for between $200 and $300 per sf.
Groundbreaking is tentatively scheduled to take place this spring, with completion anticipated next year. At approximately 24 units per acre, the project will be one of the most dense in North Snohomish County.
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