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September 15, 2021

445 Bothell units planned, after land sales worth over $13M

Real Estate Editor

Rendering by HLR [enlarge]
TCR’s Alexan Main Street is planned for the very prominent corner at Bothell Way Northeast.

Following two related land sales by the city of Bothell, both brokered by Kidder Mathews, two separate apartment projects are now planned downtown, near state Route 522 and the Sammamish River.

The city and its broker made the announcement on Tuesday. The first sale, for $750,000, closed in July. That was to Imagine Housing, which is planning 76 affordable units for seniors in what it calls Samma Senior Apartments, at 17816 Bothell Way N.E. (aka Route 522). That site, aka Block A, is on the south side of 522, facing Bothell Landing Park. It's roughly opposite the Brooks Biddle used car lot.

The second $12.75 million sale, to Trammell Crow Residential, was recorded yesterday by King County. That's for Block D, at 9911 Main St., which is on the north side of 522, closer to downtown. That vacant corner, at Bothell Way Northeast, has 2.6 acres. The deal with TCR was worth about $112 per square foot; the city's brokers in both deals were KM's Ross Klinger, Blair Howe and Susan Zimmerman.

TCR is planning a six-story, 369-unit building also to include 9,800 square feet of retail/commercial space. The apartments at Alexan Main Street will be market rate. The structured parking will have an unspecified number of stalls, with separate entries for residents and shoppers. TCR didn’t respond to queries before deadline as to its schedule or architect — but the latter is Hensley Lamkin Rachel (HLR), of Texas, per KM.

Public records indicate a construction loan of up to $93.9 million from Comerica Bank.

TCR's site was once associated with Hertz, Bothell Service Center (a garage) and Al's Auto; past pollution from the latter, aka the Wexler property, has evidently been remediated, per the city and state Department of Ecology.

The TCR property is directly south of the fairly recent Boulevard Place, which was developed by Senior Housing Assistance Group (SHAG). Directly to the west is a site assembled about 10 years ago by Weidner Apartment Homes, which still remains mostly vacant. All three are near the King County branch library.

Bothell Mayor Liam Olsen said in a statement, “The completion of the two projects represents important progress for the city and we are looking forward to the added vitality they will bring to our downtown.”

Imagine Housing has a little less than an acre for its five-story Samma, which is also slated to include services, staff offices and amenity areas at grade. Third Place Design Co-operative is indicated as the architect in city records. Update: Imagine said after deadline that TWG Development isn’t involved in the project; rather, the plan was initiated by a former Imagine executive now with TWG. About 42 surface parking stalls are also mentioned.

Imagine hasn't formally announced the project or its budget, and didn't respond to a DJC request for particulars. Funding sources will include A Regional Coalition for Housing (ARCH), which lists Samma's cost at $23.7 million, including the land. That acquisition was fully underwritten with a loan from King County. The site was once home to Bothell Ski & Bike, which later moved a little west to Kenmore. No contractor or schedule are indicated yet.

Efforts to sell the surplus property began at least six years ago; and prior prospective buyers have backed out of past deals. The city is also offering what it calls Block EFG, a contiguous 1.1-acre triangle directly east of Block D. It's apparently polluted from past use by a dry cleaner. Ecology indicates that cleanup is now underway there; an NFA, or determination of no further action, hasn't yet been issued. KM will evidently sell that, too.


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.

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