Analysts: Polygon right fit for Riverfront Development site
EVERETT - Two analysts hired by the city told the City Council last week that the Riverfront Development’s expected new developer is the right choice at the right time.
Homebuilder Polygon Northwest is set to develop the 107-acre site in north Lowell if the City Council later this month approves giving Polygon the development rights.
The analysts told the City Council last week that Polygon has the money and capability to start work on two large residential neighborhoods and a commercial area on the site by a city-imposed 2017 construction start deadline.
The City Council also got some idea of the type of homes Polygon may build on the site.
Polygon officials told city public works director Dave Davis that a planned neighborhood called The Reserve at North Creek in Bothell and one in Mill Creek called Summerwood Place may look the most similar to the company’s residential plans for the Riverfront Development.
The Bothell neighborhood’s homes range from 1,700 square feet to around 2,300 square feet and sell in the high $200,000s to mid $400,000s range, Davis said.
Images of the Bothell development weren’t available on the company’s website last week.
“I’m thinking this is the type of housing we might ultimately see here,” Davis said.
Polygon’s neighborhoods have manicured grass spaces and neighbors are not crowded together, Davis said while giving an overview of Polygon neighborhoods.
In April, Polygon said it wanted to build a neighborhood of up to 1,400 houses and a 400,000-square-foot commercial district on the Riverfront Development site.
The site will include residential and mixed-use neighborhoods.
“In my opinion, they’re a great fit for the project,” said Jim Reinhardsen, a principal and senior director at Heartland LLC. “I think it’s well timed. I think they come with a strong reputation and the right finances.”
Polygon’s tract home planned neighborhoods are well suited for today’s market, Reinhardsen said.
Previous developer OliverMcMillan’s scuttled plans for a grand mixed-use development of condominiums and upscale retail businesses wouldn’t fit, he said.
Polygon’s financial strength today was made possible because of its foresight shortly before the recession hit, said Rich Anderson, certified public accountant with Hascal Sjholm and Co. Polygon drew back construction projects and held onto its cash reserves months before the economy crumbled nationwide.
Anderson said he has no doubts Polygon has the money to build the Riverfront Development. Since Polygon is a private company, the company’s finances won’t be made public.
The company plans to build 1,336 new residential units this year in Washington, a Polygon representative said previously.
Check out our online Publications!