brownfields assessment grant progress update ecdc 6/8/15
TRANSCRIPT
Brownfields Assessment Grant
Progress UpdateECDC 6/8/15
Inventory• 1,000 potential brownfield sites• Scored and ranked using environmental & economic indicators• Narrowed to 36 “high opportunity brownfield sites”
Focus Areas• Kent Highlands
• Meeker Corridor
• Midway
Kent Highlands Focus Area Stakeholders Design Charrette• Residents: Riverview, The Lakes, LUPB member• Agencies: SPU, KC Metro, Kent PW & ECD• Developer, Realtor, Property owners• 3 groups, 3 layouts, many similarities in the vision• See this area as a gateway to Kent• Proximity to I-5 provides potential regional draw• Want to see a broad mix of uses with open space
• Housing: near-term opportunity
• Neighborhood retail: near to mid-term opportunity
• Hotel: Mid-term opportunity Next peak expected in 2022
• Office: Long-term opportunity
Market AnalysisNear term = 1-5 yearsMid term = 5-10 yearsLong term = 10-20 years +
Meeker Corridor Focus Area• Former dry cleaner
• Former Shell gas station
• Cancer Care property
• Sound Transit gravel lot
Midway Focus Area• Pending Sound Transit’s selection of preferred light rail route
• Reserving some grant funding for brownfield sites that won’t be assessed or purchased by Sound Transit
Maralco aluminum smelter
• Bankrupt owner• Vacant/underutilized for 30 years• 20,000 cu yds of “black dross”• Hazardous waste inside building• Stream & wetland on-site• Desirable parcel with rail spur• 2 developers have shown interest
What we stand to gain
• Brownfield parcels in Kent have an average taxable value of $13.13/square foot less than comparable properties.
• If cleaned up, these parcels could gain up to $21 million in increased taxable value.
Questions?