The nationwide homebuilder Toll Brothers has acquired a large development in downtown Bothell where plans on building new homes. MainStreet Property Group, a critical base real estate company, has sold a large development property in downtown Bothell to Toll Brothers, who will plan to build 45 high-end townhomes. This 2.2-acre site located at 9654 NE. 182nd St. was the previous location of a city hall Annex building next to the Bothell library. MainStreet had acquired the property from the city for nearly $3.4 million and has conducted the process of entitling the property for development.
This is one of the most significant amounts of construction that the city has seen in the last few years including the $26 million redevelopments of the Anderson school into the McMenamin’s Anderson school restaurant and entertainment facility. Most of the residential construction has been rental apartment projects but the Toll Brothers project will be the first for-sale housing development in Bothell in the last 5 to 10 years. This will include a major downtown makeover, which will add to the city’s 25 acres of additional development along with $150 million worth of road and other improvements for a total of $250 million in private development and renovations. Toll Brothers is expected to start building in spring.
Four years ago, polygon home struck a deal with the city for at least 100 townhomes in downtown but that deal fell through and Bothell has been hurting for additional housing ever since. Job growth in the Bothell area has spurred development and with many local employers such as AT&T Mobile, Philips Ultrasound, Panasonic Avionics and Seattle Genetics the need for homes is all that much greater. In addition to these employers, the University of Washington Bothell and Cascadia College campus have expanded to more than 10,000 residents.
If you’d like more information about housing in the Bothell area both now and for the future of the Toll Brothers townhomes, contact Mary Pong today. Mary would love to keep you updated on the news, prices, and any changes to this new Bothell development.