City, Developer Prepare for $100M Redevelopment

KENT, WA-The $100-million redevelopment of the former Borden Chemical plant here will get under way in July when Tarragon Development breaks ground on the $39-million first phase. The initial project will bring 130,000 sf of entertainment, lifestyle and specialty retail, restaurant and education uses and a 21,000-sf plaza in the development’s center. Announced tenants include a 14-screen AMC Theater complex to the site and a branch of the Green River Community College. The City of Kent paid close to $18 per sf to buy out a successful and operating 18.2-acre plant adjacent to the city’s Downtown core and now is selling it at a steep discount to the developer in order to implement its vision. The sale of the first 10 acres (at $5 per sf) is scheduled to close in late June, city project coordinator Nathan Torgelson tells GlobeSt.com. “We could have sold for a lot more money if we sold it for a Wal-Mart or a sprawling two-story apartment complex, but that wasn’t really the vision,” says Torgelson. Tarragon has a series of rolling options to purchase the balance of the property based on fair market value at the time they commit to buying it, he adds.The property is located between two of the city’s main arterials, Smith and James streets, and adjacent to its Sounder Commuter Rail Station. City officials envision the fully redeveloped site will include 470,000 sf of retail, office, residential, education and entertainment facilities. In addition to buying the land and handling some minor remediation, the city is contributing $2.3 million in infrastructure improvements, including a main street that will run through the project and connect to the city’s Downtown core.