Wednesday, October 19, 2011

Press Release: Downtown redevelopment project reaches milestone

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FOR IMMEDIATE RELEASE: October 18, 2011
MEDIA CONTACT: Chris Carrel, Communications and Grant Coordinator, 253.835.2411 or 253.347.7057

Downtown redevelopment project reaches milestone

In a unanimous vote, the Federal Way City Council approved the next step in the development of the former AMC Theater property downtown. The Council’s decision authorizes the Mayor to sign a purchase and sale agreement with Arcadd.

Once the signatures are executed, that will trigger a series of steps, such as an environmental assessment, that are necessary prior to closing the sale. If these are successfully completed, the parties anticipate the sale closing by January 6, 2012.

The City purchased the former AMC site in 2007 with the goal of stimulating downtown economic development. Arcadd responded to a May 2011 Request for Qualifications with a proposal for a $300 million mixed-use development that would include retail shops, restaurants and theaters, office and residential space and an exhibition hall.

In selling the property to the developer, the City will require a development agreement that outlines how the project will meet the Council’s goals for the site, including a mix of uses, requirements for public spaces, traffic and related issues. Project construction will be privately financed.

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