Mountlake Terrace Gateway Property Sold to Developer
A significant property in Mountlake Terrace's Gateway neighborhood appears to have been sold to Mountlake Terrace TOD LLC. Snohomish County records show that a property transfer filing was submitted on July 21 to transfer ownership of the undeveloped site just south of the old Evergreen elementary property. The registered agent for Mountlake Terrace TOD LLC is Triad/Fransen, which shares an address with Triad Development and appears to be some sort of partnership between Triad Development and Fransen Development. Triad Development, a privately owned Seattle-based development company behind some well known developments such as Point Edwards in Edmonds, WA and the NoMa development in Ballard as well as many other West coast projects.
Fransen Development is part of the development team behind the Village at Beardslee Crossing in Bothell, WA.
The City has reportedly been working with a developer that was interested in purchasing both this undeveloped parcel as well as the old Evergreen Elementary parcel. While the County's web site doesn't list a sale for the school district property yet, it's likely that the developer will be purchasing that site as well. The two properties, both in the Freeway/Tourist zone, are nearly 15 acres. The sites are adjacent to I-5 and Sound Transit has plans to run light rail along the properties' west border next to I-5 which makes the properties ideal for transit oriented development.
The City has worked with a consultant to prepare preliminary design plans for a connector street between the existing Gateway Place development (Cinebarre, Gene Juarez, etc.) and 236th St SW near the Transit Center. The City is requiring that this road be built with any development on the two properties.
City code requires that any development on the site must be at least 3 stories with allowable heights up to 12 stories on the School District property and 20 stories on the property to the south.