Kirkland Parkplace Mall Redevelopment
Kirkland, WA
Project Description
Real Estate Advisor to Touchstone Corporation for the redevelopment of an existing mall into 1.7 million sf of a state of the art mixed use project (retail/hotel/office) in the center of downtown Kirkland. A major objective of the development agreement is a public/private partnership between the City of Kirkland and Touchstone including a financial contribution from the City to the project for all elements of the development that produce a public benefit.
Project Responsibilities
- Managed the creation of the Fiscal Impact Study to demonstrate the direct benefits to the City from the redevelopment
- Negotiated for developer to obtain City investment in the redevelopment project
- Created a work plan and strategy for negotiations of a development agreement with the City
- Collaborated with City staff to estimate ongoing fiscal impacts of (1) police and fire, in order to estimate fiscal impact of meeting increased levels of service; (2) property taxes; (3) business taxes; and (4) business licenses
- Collaborated with the County Tax Assessor to estimate changes in assessed value of the mall
- Managed negotiations with various city officials, including the City Manager, Finance Director and Economic Development Director
Project Results
- Fiscal Impact Study that demonstrated $38 million dollars direct benefits to the City from the redevelopment of the property
- Provided work plan and strategy for negotiations of a development agreement with the City
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