Kenmore City Council to review multiple offers for Kenmore Village Properties at February 25 meeting

The City of Kenmore has received multiple offers for the upper (former King County Park and Ride) and lower commercial properties at Kenmore Village. At the February 25 City Council meeting, the City Manager and Kenmore Village brokers will review the process and provide a recommendation for the top several proposals to move forward in the process. Citizens are encouraged to attend the meeting and provide feedback during the public comment portion of the discussion.

In 2012, the City of Kenmore retained two brokerage firms to list the Kenmore Village properties for sale. Jones Lang LaSalle (JLL) listed the upper lot and Colliers International listed the lower lots. Prior to being listed for sale, the City led an extensive public involvement process to reconfirm the goals for the downtown, develop a Position Statement for the properties, and create a strategy to take the properties to market.

Multiple proposals were received on both the upper and lower properties. Colliers, JLL, City staff, and Spinnaker Strategies recently interviewed potential buyers for the properties. Based on the goals for the properties and the principles outlined in the Position Statement, four potential buyers for each of the properties are recommended to move forward in the process.

In keeping with the next steps outlined in fall 2012, the City should narrow down the finalists to one for each property in the near future with the anticipation of approving agreements for the properties in spring 2013.

The potential buyer summaries, position statement, and downtown goals are available in the February 25 City Council meeting agenda on the City’s website. More information on Kenmore Village.