Lakepointe Update Scheduled for August 13

City Council doesn’t typically meet in August, so please help us share the news of a Lakepointe update on August 13th starting at 6:00 p.m. There will be time for public comments. 

 

If you aren’t familiar with LakePointe, it is 50+ acres on the Lake Washington peninsula southwest of the SR 522/68th Ave NE intersection.  As the last undeveloped land on Lake Washington, Lakepointe offers a valuable opportunity for redevelopment and economic growth.  It is envisioned to be a vibrant mixed-use waterfront village, bringing commercial space, retail, housing, more public access to the water, as well as a variety of other public amenities to Kenmore. The community has already expressed their desire to see open space, public parks, and even more access to the waterfront. 

 

In the 1950’s and 1960’s, the property was filled with construction demolition debris during the I-5 highway installation. Due to extraordinary site development challenges, this project is complex and the initial investment is costly. However, if these challenges can be overcome, the benefits to the community from revitalizing the underutilized industrial area will be significant.

 

Originally permitted in 1998, many developers have considered this project, but not moved forward.  The current interested developer is Weidner Apartment Homes, based in Kirkland WA.

 

In February 2018, the City of Kenmore engaged a third party, HR&A Advisors, to initiate the first truly comprehensive financial feasibility study for the project. Through an agreement approved last year, Weidner has agreed to reimburse the City for the cost of the HR&A study.

 HR&A will present their findings to City Council during the meeting and Weidner will also provide an update.

 

The report examines three different development scenarios. The scenarios are merely reference points to guide further discussion and planning – the final development could look like one of these, or, it could look quite different based on community priorities and financial feasibility.  

- Development as permitted by the original permit in late 1990s

- Development plan proposed by Weidner

- HR&A alternative

 

With complex and extraordinary site development costs, as expected, there is a financial gap for each of the three development scenarios outlined in HR&A’s report.  But, we now have more financial data and information to plan next steps and how to narrow the gap.

 

The purpose of the August 13th meeting is to present the report findings to City Council, so they can ask questions and provide feedback and further direction.   Please make plans to attend or watch online! Check here for the most current meeting agenda and to view the financial report.  City Council will review the HR&A report again in September.

 

Last updated: Thu, 08/09/2018 - 4:24pm