Laserfiche WebLink
T 425 252 5400 1604 Hewitt Avenue, Suite 200 <br /> F 425 258 2473 Post Office Box 5267 <br /> www.skotdal.com Everett Washington 98206 <br /> DOWNTOWN EVERETT | DISCOVER THE URBAN IN YOU <br /> <br /> <br /> <br />February 28, 2024 <br /> <br />Major Galloway, III - Executive Director <br />Everett Housing Authority <br />3107 Colby Avenue <br />Everett, WA 98201 <br /> <br />RE: Everett Park District Project <br /> <br />Dear Mr. Galloway, <br /> <br />I am an advocate for the Everett Housing Authority’s mission to serve the affordable housing <br />needs of our community. As such, I am writing to share some questions and concerns about the <br />Park District Project with a goal of ensuring the EHA can fulfill its purpose in Everett for decades <br />to come. I don’t pretend to have all the answers, but I do have some experience in developing <br />market rate housing in Everett over the last 20 years. <br /> <br />• To start, the scope of this project is massive: 1,500 units to be developed in phases over ten <br />years. For perspective, this is roughly equal to the number of market rate rental housing <br />units that have been developed in North Everett over the last 20 years.1 One potential <br />concern is that if the EHA floods the market with more units than demand will support, it <br />will make private sector projects less feasible. Excess supply could temporarily suppress <br />rents, make financing less viable for existing properties and new construction, and require <br />new projects in permitting to pause development until the market reaches equilibrium. <br /> <br />• The proposed height of the residential towers (15 stories!) is not supported in the Everett <br />market. The most common type of multi-family construction in Everett’s urban center is the <br />5-over-2 podium design (5 floors of wood frame over 2 floors of concrete) – the most <br />effective method for increasing unit density and lowering construction costs. Development <br />above eight stories requires concrete and steel construction, which is significantly more <br />expensive. The only way to build such costly towers would be to charge rents comparable <br />to Seattle and Bellevue’s urban centers. While the EHA receives favorable financing terms <br />and operates as a non-profit, there would still be a significant sustainability gap – especially <br />if such funding comes with prevailing wage requirements. <br /> <br />• Leaving aside the feasibility of building 1,500 units in ten years or constructing 15-story <br />residential towers, I wonder why the Everett Housing Authority is choosing to build market <br />rate apartments itself versus making the land available for the private sector to accomplish <br />the same objective. For example, the EHA could adopt the Port of Everett’s successful <br /> <br />1 Peninsula Apartments (62 Units), Library Place (200 Units), Lumen Apartments (108 Units), Waterline Apartments (221 Units) Aero <br />Apartments (102 Units), Kinect @ Broadway (140 Units), Waterfront Place (266 Units), Marquee Apartments (77 Units), Nimbus <br />Apartments (165 Units), Riverview Apartments (203 Units) / Total: 1,544 Units