A Seattle developer plans to demolish the unfinished parking garage in downtown Kent and build a five-story, mixed-use development to include approximately 164 apartments and 3,700-square feet of retail space.<\/p>\n<\/p>\n
The Kent City Council on Tuesday night approved a lease\/option agreement for the city-owned property with Goodman Real Estate Inc<\/a>., of Seattle, according to a city of Kent media release. The half-built garage sits at the corner of West Smith Street and Fourth Avenue, also known as the City Center property.<\/p>\n<\/p>\n Goodman, and its architect Studio Meng Strazzara<\/a> of Seattle, plan to construct urban-style apartments with retail space and 35 public parking spaces in addition to the parking set aside for residents.<\/p>\n<\/p>\n The existing footprint of the city\u2019s Town Square Plaza park will remain unchanged.<\/p>\n<\/p>\n \u201cThis is forward progress towards our goal for the area,\u201d said Council President Pro Tem Debbie Ranniger in the media release. \u201cI can confidently say the community will be thrilled to see that eyesore removed. I am very hopeful that, with Goodman\u2019s help, we will not only see a beautiful new building in its place, but also new and vibrant activity downtown that will benefit our community overall.\u201d<\/p>\n<\/p>\n Goodman Real Estate was selected as the preferred developer of the site following a competitive process and review by a panel including Mayor Suzette Cooke, members of the City Council, a representative of the Kent Downtown Partnership and city staff.<\/p>\n<\/p>\n \u201cWe have waited a long time for resolution on this key property in our downtown,\u201d said Kurt Hanson, city economic development manager. \u201cThe city\u2019s first priority was to find a quality developer who is well capitalized and has a proven track record.\u201d<\/p>\n<\/p>\n According to Mike Miller, Kent Downtown Partnership board member and senior vice president of Valley Bank, Goodman is a financially strong and successful developer.<\/p>\n<\/p>\n \u201cThe downtown community will benefit from this new and exciting project,” Miller said.<\/p>\n<\/p>\n The two-year lease provides Goodman Real Estate an option to purchase the City Center property at any time during the term of the lease. For consideration of the lease, Goodman will demolish the existing parking structure and pay $100,000 to the city.<\/p>\n<\/p>\n According to city officials, upon exercising its option to purchase, Goodman will pay the city an additional $802,000 in two installments; the first being approximately $540,000 at closing and the balance, which is contingent upon project success, would be paid at a point after the project is built and fully leased.<\/p>\n<\/p>\n Brad Reisinger from Goodman Real Estate explained the two-year lease option to the council.<\/p>\n<\/p>\n \u201cWe understand demolition of the existing parking garage is a major priority for the city.” Reisinger said. “The lease option structure allows us to take control of the site immediately and complete demolition this fall. Under a more traditional purchase and sale agreement, there would be an extended period until we closed on the real estate, thus delaying the start of demolition until after we had completed design, obtained permits and were ready to start construction.\u201d<\/p>\n<\/p>\n Hanson expects Goodman to help revitalize downtown.<\/p>\n<\/p>\n \u201cWorking with the Goodman team on the City Center project gives us the best opportunity to achieve what was originally envisioned for the redevelopment of the municipal lot block,\u201d said Hanson. \u201cWith Town Square Plaza park complete, having an urban, mixed-use development next door will strengthen the link between Kent Station and historic downtown. This much needed residential development will enliven the area and provide our downtown merchants with regular customers that don\u2019t exist today.<\/p>\n<\/p>\n \u201cHaving the abandoned, partially built garage stand as an eyesore for so long has been tough for our local businesses and an impediment to recruiting new investment downtown. With this deal we are guaranteed that this eyesore will be removed quickly.”<\/p>\n<\/p>\n Originally slated to be a 355-stall parking garage for a hotel, condominiums and retail space, work on the project stopped in May 2007 when the prior developer\u2019s lender terminated the construction loan. The property then became entangled in legal battles.<\/p>\n<\/p>\n The city regained control of the property through foreclosure last October.<\/p>\n<\/p>\n Goodman’s projects include the Signature Pointe Apartments<\/a>, built in 1989 in Kent, just south of Kent-Des Moines Road, along the Green River.<\/p>\n<\/p>\n Further details about the site and proposed project can be found at www.KentCityCenter.com<\/a> or by calling the city at 253-856-5706.<\/p>\n<\/p>\n