The City approved the Downtown Lake Stevens Subarea Plan in July 2018 to revitalize the central city core, establish a community-gathering place for residents and visitors and achieve economic vitality as a regional draw. It is requesting a letter of interest (LOI) from interested investors to purchase and develop a surplus city property, an approximate 18,450 square foot parcel that fronts Mill Spur and Main Street, at 1800 Main Street, in North Cove Park.
The City desires to see a mixed-use building with active first-floor tenants and residences above or a mix of office and residences.
Responses to the request for an LOI will be evaluated, based on the ability of the developer to meet the Lake Stevens’ desired outcome in a reasonable timeframe and ability to purchase the property. The City reserves the right to interview interested developers or investors. The selected developer will be asked to enter into a development agreement and execute a purchase and sale agreement. The development agreement will cover desired land uses, timelines and infrastructure costs. Final approval of an agreement will rest with the City Council. LOIs will be accepted until 4:00 PM, February 9, 2021.
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