**Lynnwood City Council Approves Major Mixed-Use Development Near Event Center**
The Lynnwood City Council has officially approved a transformative plan to redevelop a 13-acre retail area surrounding the Lynnwood Event Center into a large-scale mixed-use district.
The ambitious development will include a two-building apartment complex offering between 408 and 795 residential units. Additional components of the plan feature up to 150,000 square feet of retail space, a public event plaza, a hotel with as many as 550 rooms, a parking garage, and a landscaped, pedestrian-friendly street. One of the key elements of the project is the expansion of the Lynnwood Event Center from its current 34,000 square feet to a significantly larger 182,000 square feet, according to the Puget Sound Business Journal.
Estimated at a total cost of $200 million, the housing and hotel aspects of the project will be privately developed. To support the effort, the City Council has endorsed a $15 million loan from the Snohomish County Treasurer’s Office and has entered into an interlocal agreement to provide up to $18 million in funding for a ring road encircling the development.
In addition, the council plans to apply for a $5 million transportation grant, offer approximately $10 million through tax-increment financing, and contribute $3 million directly toward the project.
This development marks a significant step in Lynnwood’s strategy to enhance its urban core and attract new residents, visitors, and businesses to the area.
