A Seattle-based apartment developer is looking to build an eight-story multi-family, mixed-use development on 40th Avenue West, adding to the growing number of projects intended for Lynnwood’s City Center district.
Last September, Trent Development submitted a proposal to construct a new multifamily mixed-use project on a 2.5-acre site located at 19820 40th Ave. W.
Plans for the site propose two eight-story buildings — seven stories of residential above one story of retail — framing an interior courtyard, with more than 350 apartments, parking for 265 vehicles and 9,022 square feet of commercial space, including a child care center.
The development would be located in Lynnwood’s Opportunity Zone, which is a federal designation that allows investors to receive tax breaks in return for revitalizing low-income areas.
There are seven Opportunity Zones in Snohomish County. In the past eight months, Trent Development has announced three other Opportunity Zone projects. The company is also considering a project in Everett.
“The project has applied for use of the (multi-family tax exemptions) or multiple unit tax exemption for construction of a new multifamily within our City Center,” said City Center Program Manager Kari Almgren. “The project will be assessed by impact fees for transportation and park improvements”
As Lynnwood housing costs continue to rise, the need for more affordable housing has been an ongoing discussion between city leaders looking for a solution. With the multi-family tax exemptions, developers are required to list some of the apartments at reduced costs for low-income renters.
The project would also be part of City Center — Lynnwood’s designated regional growth center — which the city aims to transform into a downtown hub anchored by Sound Transit’s Lynnwood Link light rail expansion.
A date for review of the proposal by the Lynnwood City Council has not yet been set.
–By Cody Sexton