Ownership of Roger’s Market Place Site Changes Hands
The former Rogers Market Place property in downtown Mountlake Terrace has been sold for $8.2 million, a 328% increase over the previous sale only two years ago.
The property last sold to an ownership group under the direction of architect and developer Alan Clark in 2016 for $2.5 million. Clark, through his firm Arca, had been developing a concept of a project called Mountlake Village on the Rogers site. The most recent renderings of Arca’s project show two connected buildings, one of which is up to 14 stories. The concept also provided a large amount of ground level open space that was shown as a plaza and water feature. Current zoning on the property would allow up to six stories, though this may change with the ongoing Town Center plan update.
According to County records, the new owner is 23120 56th Ave LLC located at 13401 Bel-Red Road Suite 7 in Bellevue. The Washington State Secretary of State lists the Date of Incorporation August 29, 2018. The governing person is listed as Derek Edmonds and the registered agent Bruce Berreth. Berreth and Edmonds are also both associated with Centrum Financial Services (Burreth as President and Edmonds as Principal) which shares the same address as 23120 56th Ave LLC. Real estate investors often use these types of companies to set up LLCs for large real estate transactions.
Alan Clark tells nextMLT that his partners received an unsolicited offer on the Rogers property that their board decided to approve. The sale should not be seen as diminishing Clark’s commitment to being a part of building Mountlake Terrace’s Town Center. The ownership group led by Clark owns the undeveloped lot at the NE corner of 58th Ave W and 232nd St SW and is actively pursuing other opportunities within the Town Center.
In addition to continuing to pursue Town Center opportunities, Clark’s team continues to refine their MLT228 project on the former Handy Mart site at 44th Ave W and 228th St SW. They recently announced the expansion of the project in to the Terrace East Apartments property.