Two Townhome Projects Moving Forward
Several townhome developments that have been in the works for quite some time in Mountlake Terrace's Town Center appear to be moving forward.
Tamblyn Townhomes would be on two current single family lots at the southeast corner of 58th and 230th. LQH, the developer of several other projects in the City, purchased the north lot back in May 2015 for $193,000 ($1.02M/acre). In November 2015 they submitted a pre-app with a site plan for 14 townhomes and just recently the north lot was purchased by an LLC associated with LQH for $350,000 ($1.84M/acre). Land costs for the project comes out to about $39k/unit. At the time of the pre-app the project was titled Tamblyn Townhomes, though these names often change during the process.
The next project by the same developer would be located at the northwest corner 55th and 240th. A application was recently submitted for 19 townhomes on three current single family lots. Access to the development will be via the alley between 56th Ave W and 55th Ave W. The three lots were sold for $680,100 ($1.31M/acre, $36k/unit).