X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EVERETT, WA-Days after residents agreed to support a rezone that would allow for a 32-unit apartment or condominium complex to be built on the corner of 32nd St. and Grand Avenue, Grand Avenue Investments, a group that includes property owner Roy Thorsen, has added a new twist.

Instead of apartments or condominiums, the group now wants to build an office complex. The announcement frustrates residents of the 1900s era neighborhood, who had finally agreed to a compromise with the developers that would have dropped the number of proposed housing units from 52 to 32.

Jim Miller, a consultant who represents Grand Avenue Investments, says his clients’ change of heart stems from the fact that the reduced number of housing units was financially unfeasible, especially considering that the plan calls for a parking garage that would cost more than $300,000 to construct. By building office space instead of residential space, Miller says his clients can charge twice the $4 to $6 per sf in rent they could charge for residential units.

The proposed rezone and 32-unit project was slated for a public hearing before the city council last week but was pulled from the agenda because of the latest changes. The project is now slated for an Oct. 18 public hearing, at which time the city council will decide whether to send a rezone and project proposal back to the city’s planning commission for consideration in early 2001. If the council doesn’t send it back, the property owner will have to wait another year until the annual update of the city’s comprehensive plan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.