The City of Kenmore and RECP/UP Kenmore, LP, have agreed to terminate their development agreement for the Kenmore Village by the Lake Project, along with an associated ground lease for part of the property. Development of the 9.6‐acre site did not move forward in the wake of the severe economic downturn beginning in 2008.
The City and RECP/UP Kenmore, LP, worked collaboratively over the past several years, and continuously updated their agreements in order to provide the best opportunity for the development to proceed successfully.
The termination of the development agreement was a mutual and amicable decision on behalf of the City and RECP/UP Kenmore, LP. Each party will now continue their respective pursuits—for the City, this means future development of a downtown mixed use redevelopment in Kenmore on property bracketed by recent public infrastructure investments: LEED Gold Kenmore City Hall; streetscape improvements; King County Library Kenmore Branch; and Northshore Fire District Headquarters.
I just hope the City will continue to hold out for future development of a downtown mixed use project. I'd rather see the property vacant until the project becomes viable than to see townhomes or single story office retail development go in there.
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