The City of Bothell has made a significant step toward fully achieving its downtown redevelopment plan. Trammell Crow Residential, a Texas-based development company, and the city completed the sale of a key downtown development site located at the intersection of State Route 522 and Bothell Way NE.
Trammell Crow will soon begin construction of a mixed-use building featuring 369 market rate apartment units and 9,800 square feet of ground floor retail space. Bothell received multiple offers for the 2.6-acre property, with Trammell Crow submitting the winning bid of $12.75 million dollars or $112 per square foot of land area. As one the city’s largest development sites, this sale helped set the bar for land value in downtown Bothell.
Last month, the city closed the sale of another prominent development site that is part of its downtown redevelopment plan. Imagine Housing purchased a 38,856-square-foot property located at NE 180th Street between State Route 522 and the Sammamish River, where it will soon start construction of a 76-unit affordable housing project.
“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,” said Bothell Mayor Liam Olsen.
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