GlobeSt.com UPDATE: One Phase Down, Three to Go at Kent Station

The second phase will include five additional retail buildings that will be filled with mostly national retailers and is already 60% committed, city officials familiar with the project tell GlobeSt.com. Phase III will be a residential development, either condominiums or apartments, and Phase IV will be a further expansion of Green River Community College.

Kent Station is rising on a former Borden Chemical site located between two of the city's main arterials, Smith and James streets, and the commuter rail station. City officials envision the fully redeveloped site will include 470,000 sf of buildings, including about 150,000 sf of shops, restaurants and office space. Planning for the project began in 2002.

The City of Kent paid close to $18 per sf to buy out the successful and operating 18.2-acre chemical plant adjacent to the city's Downtown core. It then sold 10.5 acres for the first phase to the developer, Seattle-based Tarragon Development, at a steep discount ($5 per sf) in exchange for a commitment by Tarragon to implement the city's vision for the site. 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. Tarragon's Joe Blattner could not be reached Monday afternoon for comment on the timing of the future phases, but given the early retail commitments it likely will be soon.

Across the street, Plan B Development says it is set to break ground early next year on Project Springboard, a $20-million mixed-use development here that will include a 74-unit hotel with an indoor waterpark, 119 condominium units, 23,000 sf of retail space and 350 parking space in a four-level garage. The hotel will fly the La Quinta flag and about half of the condominium units will be reserved for seniors. The project site is bound by 2nd and 4th avenues and Smith and Harrison streets in Downtown Kent.

Additionally, the City of Kent is proposing to develop a 33,500-sf Town Square Plaza development adjacent to the project site. The City's economic development director Nathan Torgelson told GlobeSt.com earlier this year that the plaza will host the Kent Lions Club's Farmers Market, other community festivals, a concert/amphitheater venue, an interactive water feature and open areas for seasonal activities. The city plans to break ground for the development by the end of next year.