The city of Kent now owns the unfinished parking garage downtown at Fourth Avenue North and West Smith Street.
City officials hope that means they might be able to finally find a developer to take over the stalled project.
“We now own the property free and clear, with marketable title to the site,” said Kurt Hanson, Kent’s economic development manager, in a city media release.
The city secured the property through foreclosure on Oct. 1.
Originally slated to be a 355-stall parking garage with condominiums and retail space, work stopped on the project in May 2007 when the developer’s lender withheld funds.
Since Plan B Development, the original developer, walked off the project, the property has been entangled in legal battles.
“We’d been trying to entice a new developer, but with the recession complicating matters with bank failures, mergers and takeovers, interest has been fairly cool,” Hanson said. “A clear title on the property will help make way for a new developer to come forward.”
Kent Mayor Suzette Cooke looks ahead to seeing a mixed-use development at the site.
“The property is the 50-yard line between Kent Station and the downtown Historic District,” Cooke said. “With its proximity to Town Square Plaza, the city’s acquisition will allow it to retain our original vision for the area – to be a major centerpiece that revitalizes downtown with vibrant activity that benefits the community overall.”
Council President Jamie Perry said she’s pleased the city has a clear title to the property.
“We’ve waited a long time for resolution on this key property in our downtown,” Perry said. “We’re excited to pursue opportunities to work with a developer who will ensure we build upon the success of Kent Station, ShoWare Center and Town Square Plaza. It’s the standard set by those facilities we hope to achieve with a new project.”
Details about the site can be found at www.KentCityCenter.com or by calling the city at 253-856-5706.
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