Agreement reached on redeveloping school site
The Edmonds School District has finalized its agreement with a Texas company to redevelop the 40-acre Lynnwood High School site across from Alderwood mall into an upscale urban village of stores, condominiums and a possible hotel or offices.
The district announced Monday that Cypress Equities has agreed to a 99-year ground lease that will net the district 8 percent of the development’s appraised value annually, with guaranteed increases every 10 years.
If the development goes forward, the district projects revenues of at least $500 million over the life of the agreement, income that will be used to offset the costs of future school-construction projects, said Marla Miller, assistant superintendent for business and operations.
“We are thrilled to see this agreement with Cypress Equities come together,” said Edmonds superintendent Nick Brossoit. “The better the development does, the better for the district.”
The lease anticipates construction at the site beginning in summer of 2009. A new Lynnwood High School is being built on North Road, east of the city, and is scheduled to open in fall 2009.
Local real-estate experts have said the 40-acre high-school site could attract a range of national tenants from Crate & Barrel and Anthropologie to upscale restaurants and furniture stores.
But the development must first be approved by the city of Lynnwood. The site is currently zoned for public use and would have to be rezoned for commercial development. Cypress is currently working with the city to complete an environmental-impact statement for the project. It must meet a March 1 deadline to be considered for a rezone in 2008.
Public hearings will be part of the city’s environmental review as well as the rezone requests.
“It’s going to be a long and involved process,” said David Kleitsch, Lynnwood economic-development director. Kleitsch participated in the district’s ranking of applicants to develop the high-school site. “They bring experience with complex projects and a willingness to work with communities and stakeholders,” Kleitsch said.
City planning officials have said that a mixed-use development with both retail and housing would create a transition from the mall and the city’s retail center to adjacent residential neighborhoods.
The city, the district and the federal government are negotiating the fate of the athletic fields adjoining Lynnwood High School. The school district owns the fields, but they were upgraded and maintained with support from the city, Edmonds Community College and a federal grant.
The district is seeking permission from the U.S. Department of the Interior to relocate the fields to the new high school. That school will feature two combination soccer-softball fields and a combined football, soccer and track field, with all-weather turf and lights. There also will be a natural-turf baseball field and five tennis courts.
But the new high school is outside the city limits. The current athletic fields also are the site of popular civic events, including Fourth of July fireworks and an Easter egg hunt.
Lynnwood City Council President Loren Simmonds said the city will hold multiple public hearings on the proposed development.
Lynn Thompson: 425-745-7807 or lthompson@seattletimes.com