Coming soon to Everett, 430 apartments at former Kmart site

[Yo_Mama_Been_Loggin]

EVERETT — More than 400 apartments are replacing a former Kmart on Evergreen Way. The new complex, slated for completion in 2023, is income-restricted and meant for workers earning about half of the area’s average wage.

“It’s a great opportunity to take a vacant, big-box store and convert it into a better use,” said DevCo, Inc. President David Ratliff, who runs the Bellevue-based real estate investment company building the complex.

Heartland Construction began building the 430-unit complex last month at 8102 Evergreen Way in Everett, near Highway 526 aka Boeing Freeway. The incoming complex, called Four Corners Apartments, is near Cascade High School and Evergreen Middle School. The first tenants can begin moving into the apartments in 18 months, Ratliff said.

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The apartments are income-restricted and only available for people who earn less than 80% of the area median income in Snohomish County. Ratliff said the apartments are available on a “first come, first served” basis for qualified tenants, but the entire complex must average 60% of the area’s median income.

https://www.heraldnet.com/news/coming-soon-to-everett-430-apartments-at-former-kmart-site/

[KT2000]

1. Someone told me

they have attached an apartment building to the Alderwood Mall. That is something new.

Glad to see there will be affordable rents soon.

Influx of people from other states. I realized people can live anywhere if they work from home and we do not have an income tax. Unfortunately they are changing our Democratic stronghold into a republican one. Port Townsend saves our county on state races but they are moving in there too.

[bucolic_frolic]

2. A tragic cycle of build, tear down, and start over.

Malls and even Kmart are lost treasures. They were social events. If you didn't live nearby you went a few times a year. It was a big event, much like venturing to a department store in 1900 I would say.

They hollowed out the malls and built Big Box stores around them. Now they tear them down. They either convert or add apartments, luxury in some locales, or build new. Usually there is a protest from local residents because of traffic density, and roadways.

I'm sure the new tenants will like the housing, but it's sort of redlining without the loans. There they will be, low income, separated from the rest of the community.

[Yo_Mama_Been_Loggin]

3. Kmart is owned by Sears

As such it has been suffering from the same mismanagement.

[bucolic_frolic]

4. In the early to mid 1990s Kmart was on the mend

when former non-profit CEO Floyd Hall, former CEO of B. Dalton, Target, and Grand Union, was at the helm, 1995-2000. Renovations and the Pantry got things moving. New brands, American Fare. Suddenly, Hall was gone and the next CEO, Charles Conaway, former head of Rhode Island based CVS, was in. He hired a Walmart marketing exec and together they launched a price war with Walmart. This was in September. Every shelf in the store had floppy stickers for the price cuts - and it was ricidulous - 8 cents, 14 cents, 49 cents off! Shoppers left within 2 months. In January 2002, bankruptcy. Connecticut hedge fund manager Lampert bought the company for peanuts in bankruptcy court. Former shareholders got zilch - nothing. Their investment was worthless. The ill will created was not lost on the public and doomed the "new" Kmart, and Sears. I always thought there was collusion over the BK. As if it matters.