2012/04/11 Council Agenda Packet

Evergreen Way Revitalization Plan 9, Approximately one-half of the demand will be for large footprint businesses such as general merchandise and auto dealers. The balance is for smaller scale businesses that fit within neighborhood and community scale shopping centers. In the case of the larger footprint businesses, realization of the projected demand will depend upon the availability of adequate sites to accommodate the larger buildings. In the case of the smaller footprint businesses, realization of the projected demand will depend upon creating an attractive and convenient setting for businesses and customers. Office Demand. Given projections of employment, south Everett would capture 510,000 to 720,000 square feet of office development during the next 20 years. The potential office development will be shared with the commercial sites at 1-5 and SW 128th, and the business parks around Paine Field. Evergreen Way will be competitive for the local-serving office users such as banks, insurance and real estate agents, and health clinics and doctor offices. The area could also attract a larger regional or national serving user, at a site with excellent access and prominent visibility. The intersection of SR 526 and Evergreen Way is well located for such a user, given its location on the regional transportation network. It is estimated that up to 250,000 square feet of office development could occur on Evergreen Way in the next 20 years. Multiple-Family Residential Demand. The Evergreen Way corridor could capture 2,700 multifamily units with a net increase of 2,500 housing units. Future multifamily development will include a mix of apartments and condominiums. The split will vary over time based on supply-demand conditions, although the recent collapse of the for- sale housing market will likely reduce the short and long-term share for condominiums. The units will accommodate all household types and sizes. In order to increase the potential for residential growth in the corridor, as envisioned by the growth targets, new development must create an attractive residential environment. Accordingly, it must provide a buffer from the vehicular traffic on the highway, but also linkages to the commercial offerings within walking distance. New projects can range in size depending on the size of available sites. The southern portion of the corridor provides opportunities for larger developments. Lodging Demand. The projected demand for new development in south Everett during the next 20 years will be approximately 760 rooms. Much of the development is likely to occur in the latter half of the period. Sites near 1-5 will be most attractive for new lodging development. Sites on Evergreen Way near SR 526 will be competitive given their proximity to the south Everett employment center and visitor attractions. Demand for lodging is expected to generate construction of 2 or 3 new hotels on Evergreen Way in the next 20 years. Conclusions The economic feasibility of potential redevelopment sites will depend upon both use of public tools and also rental rates that are at or above the top of the market in Everett PR.ge