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July 16, 2020
In a deal worth a little over $3.6 million, Trent Development of Seattle has acquired a century-old, four-story building owned by the YMCA of Snohomish County, along with its neighboring gymnasium and nearby parking lot.
The two facing sites, west and east, total about 1.25 acres. Trent made the purchase through Everett OZ Developer LLC. Snohomish County recorded the sale last week.
Apartments and parking are planned for the properties.
Clark Barnes is the architect for Trent, whose Trent Mummery says, “It's our first project in Everett.” Regarding the non-landmarked, non-protected old building, he adds, “We're not required to keep it, but we want to keep it.”
That'll be Phase II of the project, on the west site at 1717 California St. The unreinforced masonry structure will be seismically retrofitted, then renovated as a small apartment building. That won't start for about two years, with the number of units still to be determined.
But the Y's newer gym to its north will be razed. That will be used for construction staging in the near term and, later, surface parking for Phase I.
On the east side of the street, Phase I will be developed on the roughly half-acre parking lot at 2701 Rockefeller Ave., on the corner of Everett Avenue. That plan, dubbed Rockefeller, is for an eight-story building with about 165 units and 153 parking stalls.
For the parking, 97 stalls would be underground and structured within the Rockefeller. Another 56 would go across the street on the new gym site. (That building dates to the 1960s and 1980s.)
Demo on the new gym could begin this fall. Mummery hopes to break ground on Phase I later this year. Permitting in Everett, he observes, “is certainly much faster than in Seattle.”
Braseth Construction will be the general contractor.
Trent will have financial partners to announce in the coming weeks. Those same parties will join the company in its five-story, 169-unit Bellingham project at 208-212 N. Samish Way, which is also in a federally tax-favored Opportunity Zone. That project, to replace two old motels, is also being designed by Clark Barnes.
Back in Everett, the Phase I Rockefeller building will have units running from studios to two bedrooms, with a range between 400 and 2,000 square feet. A roof deck is also included. No commercial space is planned for now.
On its website, Trent values the entire Everett project at around $95 million. The recent sale was roughly worth a nominal $66 per square foot for the bare land, excluding the value of the two buildings.
The YMCA put the property on the block two years ago, listed at $3.3 million. Its brokers were Michael Finch of CenturyPacific and Brian Stuchell of Eclipse Real Estate Group.
The YMCA had owned the west property for decades — probably since 1901, when its original building was developed. It acquired the east parking lot in 2006 for a bit under $1.2 million. The Y started in Everett in 1899, was chartered two years later, and has since expanded to greater Snohomish County. Its history page says the 1717 California building was rebuilt in 1920 after a fire.
The Y's main offices are now a few blocks southeast of its original site, at 3120 McDougall Ave. Last year it completed the new 60,000-square-foot Everett Family YMCA building at 4730 Colby Ave. That almost $24 million project was designed by BCRA and built by Absher Construction Co.
For now, says Mummery, the old YMCA building is mostly vacant, though it's being used for now as a drop-by shower and hygiene facility for the homeless during the ongoing pandemic.
Mummery says the upstairs single-room occupancy units had been vacant for decades; the lower floors were mostly offices, which the Y recently left. The old, original gym on the upper two levels is entirely intact, with old-growth hardwood floors and a suspended wooden running track.
“It's absolutely pristine,” says Mummery. All of that will be preserved.
Clark Barnes previously estimated the old YMCA building could yield about 35 units, some possibly double-height lofts.
Trent, which is led by Mummery and Patrick Ashman, is currently partnering with Hatteras Sky and Bridge Investment Group to redevelop the former Seattle Curtain Co. property. That corner, near Yesler Terrace at 104 12th Ave., is also in an Opportunity Zone.
A seven-story, 274-unit building is planned, also designed by Clark Barnes. The master use permit is in place, and Mummery says demolition should begin in a few months, with construction soon to follow.
Brian Miller can be reached by email at firstname.lastname@example.org or by phone at (206) 219-6517.