No sign of commercial plans from Polygon
EVERETT - Polygon Northwest has room to build a lot more homes on the Riverfront Development site, but it doesn’t want to.
The homebuilder’s master plan, outlined before the Everett City Council on Dec. 4, shows it plans to build fewer than half the number of homes former site owner OliverMcMillan was proposing in 2008.
Polygon plans to build 233 single family homes and 175 townhouses on the 100 acres of buildable land on the site in north Lowell.
The company doesn’t have plans ready for a required commercial area centered on the site, which raised some skepticism at the Dec. 4 council meeting.
The planning commission will consider Polygon’s Riverfront Development plan this week after press time. Polygon wants to break ground on the homes this spring.
Polygon’s plan to build 408 residential units is set so it “meets our business needs and the city’s needs as a partner,” Polygon land acquisition manager Nick Abdelnour said Dec. 4.
Former developer, OliverMcMillan, which sold the property to Polygon this year, planned to build 1,000 residential units, according to its 2008 school impact fee paperwork.
Polygon was before the council asking for small code changes to the residential areas, such as reworking the minimum lot size. It’s the city’s land, and Polygon is working under guidelines created when the city was working with OliverMcMillan.
The fact Polygon doesn’t have a commercial plan set, though, concerns City Councilwoman Brenda Stonecipher. She wants to see a full site plan.
“It seems piecemeal to me,” Stonecipher said Dec. 4 while questioning if this plan should move forward.
Stonecipher worried that Polygon could ask to rework the commercial requirements. The city formed the guidelines with OliverMcMillan intending to attract high-end retail shops.
Abdelnour suggested Polygon might come back for changes. “We’re not asking for changes today. That will be a year or two down the road,” he said.
The company is aggressively approaching commercial tenants now, Abdelnour said.
After OliverMcMillan’s grand plans floundered for years during the Great Recession — nothing was built — neither Polygon nor city leaders will say now if OliverMcMillan’s plan would have ever worked. The previous plan isn’t doable in the current market, Polygon representatives have said.
Abdelnour also shed light on how much the homes would sell for.
Polygon is building two tiers of houses aimed at both first-time buyers and people wanting to move up. The entry-level homes would range from $325,000 to $400,000 for a 1,700- to 2,200-square-foot house with a backyard. The mid-level homes, sized between 2,200- and 2,600-square-feet would range from $425,000 to more than half a million dollars.
The median home value in Everett is $200,000, according to the Snohomish County Assessor’s Office.
The townhouses would run between $225,000 and $300,000 and offer an average of 1,400 square feet.
The master planned community would be laden with sidewalks, tree-lined streets and an adjacent trail system toward a 3-acre public park along the riverfront.
The houses could be comparable to another Polygon development called the Reserve in North Creek located in Bothell. Homes there start in the low $400,000 range, Abdelnour said.
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