Terrace Station Project Progressing, Building 1 to Open 2020
The Terrace Station development is now about six months into construction and things are really starting to take shape at the site. After building a large wall and filling for the roadway, the future Gateway Boulevard is now paved from 236th St SW south to the project office near the center of the site. Slabs are currently being poured for the Building 1 below-grade parking structure.
Terrace Station, not to be confused with the future Mountlake Terrace Station light rail station, is a private development consisting of three mixed-use buildings and an extension of Gateway Boulevard from its current terminus near the Studio 6 Hotel north to 236th St SW. Building 1 is currently under construction at the south end of the site.
The project was first conceived in 2014 prior to when the former Evergreen school property was sold to a group called Mountlake Terrace TOD. At the time the name of the project was Gateway TOD. In early 2018 the project was sold to the construction company building the project, Sierra Construction, and the name of the project changed to Terrace Station. In mid-2018 the first of the three planned buildings was sold to Lake Union Partners, an urban real estate firm specializing in residential mixed-use and commercial projects.
Sierra Construction will still own the parcels for the future Building 2 and 3 as well as two smaller undeveloped parcels at the end of the 237th St SW dead-end. There is no immediate timeline to construct Buildings 2 and 3. Prior to the City granting occupancy to Building 1 Gateway Boulevard will be transferred to City right-of-way.
The first of the three buildings will contain 258 residential units and ground floor commercial space. The building will have two commercial tenants that will be announced soon and Sierra expects Building 1 and Gateway Boulevard to be complete by the end of 2019. When all three buildings are complete the project will contain over 600 residential units and about 80,000 square feet of commercial space.