Ever since they tore the building that was there down, I’ve been wondering “what is going in across the street from Alderwood Mall?” Currently, it is just a blank space on the street next to Toys R Us at what once was 18631 Alderwood Mall Parkway.
The East side of the mall is currently under renovations in preparation for new stores, including the Lynnwood Dave & Busters. As for across the street from the mall though, that was a question mark.
The answer is that it is a mixed-use development, in other words, commercial space and apartments, building going into that spot. Not just any building but what is proposed to be the second tallest building in Snohomish county.
Cosmos development has proposed a 532,640-square-foot building across the street from Alderwood mall measuring in at 187 feet tall.
Quite wisely, the Cosmos Apartments is a mixed-use building will include one level of parking below ground, with commercial space on the ground floor and 16 floors with 349 apartments above that. Those apartments will range in size from one to three bedrooms. That is very cool, but could be pretty dangerous to the pocketbook to live that close to Alderwood Mall.
The Everett Herald reports that the city of Lynnwood has been planning to funnel high density development into the area around Alderwood mall as well as into the City Center area a mile south of the mall, and along Highway 99.
Todd Hall, the city building manager notes that there are several transit options planned near this particular area, including a light rail station, which is expected to be built during the Lynnwood to Everett extension.
It may seem crazy to put in yet more apartments in the Lynnwood area, but the county is growing and demand for both rentals and Lynnwood homes to buy remain high. I’m encouraged that the Cosmos Apartments are including underground parking, though I don’t see how one floor will be enough for 349 apartments. In many areas, developers are pushing the limits of how many units per parking space which can cause some issues.
All in all, there are some very exciting changes coming to Lynnwood and it will be interesting to watch the changes over the next few years as it grows into a business hub in its own right.
April 2019 Update
After getting the lot clear, development of the Cosmos Apartments has been just sitting. I haven’t heard of any reasons for a delay, but so far they haven’t started the construction of the project but it may be stuck in permitting or financing.