Bothell City Manager Bob Stowe has executed two purchase and sale agreements totaling $1.7 million for two more parcels needed for the Bothell Crossroads SR 522 Realignment Project.
The city now owns two-thirds of the commercial block it needs for the project, considered a lynchpin for Bothell’s downtown revitalization plans. The closing date for these sites is scheduled for June 30. Negotiations continue for other key properties in the project area.
The Bothell Crossroads project is designed to reduce congestion at the state-route 522/527 intersection by extending SR 527 to join with SR 522 after it is realigned one block south. It also makes way for Main Street to be extended to the west, linking it with the Northshore School District site.
These reconstructed streets would form an new network of commercial blocks for future development and catalyze a projected $670 million in private mixed-use investment, 1,360 new permanent family-wage jobs and 2,700 residential units, according to the city.
Bothell purchased the Beta-Bothell Landing commercial center last January for $6.4 million using funds provided through the Washington State Capital Programs Fund.
The city has secured funding from a variety of sources, including $25 million from the Washington State Community Economic Revitalization Board 2007 Local Infrastructure Financing Tool (LIFT) Competitive Program.
Construction will begin on Crossroads during the spring of 2010.
For Downtown Bothell Revitalization details, visit www.ci.bothell.wa.us.