Economic and Community Development
Kent Now Owner of Downtown Parking Garage Site After Foreclosure Sale
Kent, Wash. – October 5, 2010 – The City of Kent now owns the unfinished parking garage at Fourth Avenue North and West Smith Street in downtown Kent. The City secured the property through foreclosure on October 1.
“We now own the property free and clear, with marketable title to the site,” said Kurt Hanson, Kent’s Economic Development Manager.
Originally slated to be a 355-stall parking garage with condominiums and retail space, work on the project stopped in May 2007 when the developer’s lender withheld funds.
Since the original developer walked off the project, the property has been entangled in legal battles. “We’d been trying to entice a new developer, but with the recession complicating matters with bank failures, mergers and takeovers, interest has been fairly cool,” Hanson said. “A clear title on the property will help make way for a new developer to come forward.”
“The property is the 50-yard line between Kent Station and the downtown Historic District,” said Kent Mayor, Suzette Cooke. “With its proximity to Town Square Plaza, the City’s acquisition will allow it to retain our original vision for the area - to be a major centerpiece that revitalizes downtown with vibrant activity that benefits the community overall.”
Council President Jamie Perry said she’s pleased we have clear title to this property so we can move forward.
“We’ve waited a long time for resolution on this key property in our downtown. We’re excited to pursue opportunities to work with a developer who will ensure we build upon the success of Kent Station, ShoWare Center and Town Square Plaza. It’s the standard set by those facilities we hope to achieve with a new project,” Perry said.
Details about the site can be found at www.KentCityCenter.com or by calling 253-856-5706.
Michelle Witham, City of Kent