The Bothell City Council has authorized the city manager to execute a purchase, sale and development agreement with Regency Centers Acquisition, LLC for “Block D”, at the west corner of Highway 522 and NE Bothell Way.

Regency Centers has owned, operated and developed dominant, grocery‐anchored retail centers for more than 50 years.

“The downtown vision continues to move toward a reality,” said Bothell Mayor Joshua Freed. “Bothell’s Main Street has been a central gathering place for our citizens and surrounding communities and the extension into Block D will draw even more success. With the sale of Block D and the plan for a ‘Specialty Grocer’ Bothell continues to build on the community we all love.”

Anchoring the Block D site will be a specialty grocery, together with complementary restaurants, retail shops and other uses consistent with the city’s re‐imagined downtown.

“We are very happy to be working with the city of Bothell, the surrounding community, our grocery tenant and to be a part of what we believe to be a very well planned Bothell Landing,” said Senior Vice President and Senior Market Officer Craig Ramey for Regency Centers. “We are very confident that, in working with all these stakeholders, we will develop a high‐quality gateway entrance to Bothell Landing that will be a place to shop, stay and visit and meet with your neighbors.”

City Manager Bob Stowe stated that Regency Centers Acquisition, LLC was selected to purchase and develop this important downtown block for many reasons. Stowe said that the company has produced a catalyzing effect on downtown revitalization efforts in other cities, exemplifies and stimulate the type of mixed‐use development and community enhancement envisioned in downtown Bothell.

Stowe also said that the company has  track record of executing a project of the size required for the development of the parcel and within a specified period of time.

Stowe went on to say that the company has a good track record of developing a strong sense of place with its projects, promotes job creation and generates economic benefits.

Regency Centers Acquisitions, LLC will purchase Block D for more than $2.6 million plus numerous infrastructure improvements for a combined purchase price of $49 per square foot.

Development of this block is dependent upon the environmental clean‐up of an adjacent site and could occur as soon as late 2015.