Regions West
May 2, 2008
By: Scott Baltic, Contributing Editor
OliverMcMillan, a privately held San Diego–based developer, has purchased a mostly vacant 140-acre site from the City of Everett, Wash., for redevelopment as a mixed-use project. The price for the land alone was $8 million, according to a spokesperson for the city. Pre-development costs are estimated at $50 million, and an additional $400 million in development costs is projected.
The project, called The Riverfront District, will include between 500,000 and 800,000 square feet of retail, 150,000 of it for small shop space, and between 800 and 1,000 residential units or hotel rooms, as well as office space. In addition, Cinetopia, the only confirmed tenant thus far, will build a 16-screen movie theater and entertainment complex. Pre-development work is to begin in June, according to the spokesperson, with completion of the entire project scheduled for mid-2011.
The 140 acres is part of a larger 200-acre site, consisting of a former landfill and a former industrial property, that’s located between I-5 and the Snohomish River on Everett’s east side. Forty of the 140 acres OliverMcMillan has bought, as well as the unsold 60 acres, will remain natural or enhanced wetlands, with trails, overlooks and interpretive areas. Other green aspects will include LEED Neighborhood Development Silver certification and a methane-recovery system that OliverMcMillan will build at the former landfill. In addition, 3 acres within the project will be transferred back to the City of Everett for a park.
For its part, the city will move some Burlington Northern Santa Fe railroad tracks, an animal shelter and a public works yard; build additional access roads; and fill and grade the capped landfill.
OliverMcMillan specializes in mixed-use projects, one of its higher-profile redevelopments having been the 45-acre Glenview Town Center on the site of the former Glenview (Ill.) Naval Air Station.
By: Scott Baltic, Contributing Editor
OliverMcMillan, a privately held San Diego–based developer, has purchased a mostly vacant 140-acre site from the City of Everett, Wash., for redevelopment as a mixed-use project. The price for the land alone was $8 million, according to a spokesperson for the city. Pre-development costs are estimated at $50 million, and an additional $400 million in development costs is projected.
The project, called The Riverfront District, will include between 500,000 and 800,000 square feet of retail, 150,000 of it for small shop space, and between 800 and 1,000 residential units or hotel rooms, as well as office space. In addition, Cinetopia, the only confirmed tenant thus far, will build a 16-screen movie theater and entertainment complex. Pre-development work is to begin in June, according to the spokesperson, with completion of the entire project scheduled for mid-2011.
The 140 acres is part of a larger 200-acre site, consisting of a former landfill and a former industrial property, that’s located between I-5 and the Snohomish River on Everett’s east side. Forty of the 140 acres OliverMcMillan has bought, as well as the unsold 60 acres, will remain natural or enhanced wetlands, with trails, overlooks and interpretive areas. Other green aspects will include LEED Neighborhood Development Silver certification and a methane-recovery system that OliverMcMillan will build at the former landfill. In addition, 3 acres within the project will be transferred back to the City of Everett for a park.
For its part, the city will move some Burlington Northern Santa Fe railroad tracks, an animal shelter and a public works yard; build additional access roads; and fill and grade the capped landfill.
OliverMcMillan specializes in mixed-use projects, one of its higher-profile redevelopments having been the 45-acre Glenview Town Center on the site of the former Glenview (Ill.) Naval Air Station.
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