| HeraldNet - Snohomish County's online news source |
 THURSDAY, SEPTEMBER 9, 2010 7:06 am |
ADVERTISEMENT |
|||||||||
 |
||||||||||
|
||||||||||
|
||||||||||
|
|
||||||||||
|
|
||||||||||
Local News 
|
||||||||||||
Redevelopment of old Lynnwood High School 'solid,' school district says LYNNWOOD -- Despite the economic downturn and the possible bankruptcy of an Alderwood mall owner, developers still plan to tear down Lynnwood High School and build a shopping center and hotel, Edmonds School District officials say.The long-term lease deal between the district and Texas-based Cypress Equities is on schedule to close this summer, said Marla Miller, an assistant superintendent with the district. Cypress Equities did not return calls for comment. The district is counting on $140 million from the lease and a few smaller land sales to pay to rebuild Alderwood Middle School, Madrona K-8 School and Lynndale Elementary School. The money is also needed to find homes for the district's alternative education programs and other projects. "If the Lynnwood High School deal did not close, we'd have to start again looking for development partners and the projects would be on hold until we do get revenue secured," Miller said. Cypress Equities has a partner who is financing the development in Lynnwood, Miller said. "They're confident in the funding available to them with an equity partner," she said. "That partner is solid." General Growth Properties Inc., which owns the Alderwood mall with other partners, could be heading toward bankruptcy. The Chicago-based company is trying to refinance or extend about $1 billion in debt that comes due in December. General Growth is the nation's second-largest mall owner. The Lynnwood development, which would be across the street from Alderwood mall, hasn't been as affected by the economy as other projects because it includes office space and residential units instead of just stores, Miller said. "We are confident our deal with Cypress is still strong," district spokeswoman Debbie Jakala said. "They are moving forward and we have assurances even as recent as (earlier this month) that there's no reason for us to believe the current economic situation, or even the news regarding Alderwood, is going to have any impact." Construction crews continue to build a new $99.8 million Lynnwood High School east of I-5. Teachers plan to begin moving into the new school this summer. A bond voters passed in 2006 is funding most of the project, with grants, state funds and timber sales paying for the remainder of the school, which is on a formerly wooded lot in a residential neighborhood. Construction of the high school isn't dependant on the lease with Cypress. Herald Writer Yoshiaki Nohara contributed to this story. Reporter Kaitlin Manry: 425-339-3292 or kmanry@heraldnet.com. |
- A weekend of tragedy on Snohomish County-area roads
- Whidbey crash victim was noted video game designer
- Sultan man who was Tasered by police is identified
- Monroe layoffs spark protest
- Farewell, Lincoln
- Everett port scuttles contract with Chicago developer
- I'm mad as…
- Three people injured in Everett wreck
- Snohomish County fairgrounds manager resigns
- Trial begins in fatal crash
- Sultan man who was Tasered by police is identified
(50) - Clinton, Gates denounce planned Quran burning (10)
- A weekend of tragedy on Snohomish County-area roads (9)
- Furlough days are no government holidays (8)
- Sultan man dead after Taser shock in Gold Bar (7)
- Trial begins in fatal crash (7)
- Church rebuffs military concerns on Quran burning (6)
- Monroe layoffs spark protest (6)
- Families bid farewell as Lincoln sails into uncertainty (5)
- Cause of death still under investigation for Sultan man shocked by police (3)
- Dick’s Drive-In vote continues
- Hawks sprint to victory in opener
- Peer ‘Through the Gateway' at Studio Tour
- Academic camp preps kids for success
- Budget slashes, layoffs on horizon for Lynnwood
- Royals push for postseason
- WOTS opens keynote event to the public
- Andeo home stays offers new perspective
- Extra Coho Derby events to benefit Everett's fireworks
- Everett port scuttles contract with Chicago developer
- S. Korean ambassador cites free trade agreement's pluses
- Boeing begins assembly of its 1,000th 767
- House sales prices fall while listings increase
- Machinists ratify contract with BAE Systems
- Marysville offers small-business accelerator preview
|
|
 
|
|
|
|
| TODAY'S TOP JOBS |
| View All Top Jobs |
| Top Cars |
|
| Top Homes |
|
|
ADVERTISEMENT |
|
|
|Contact Us
|Advertiser Services
|Home Delivery
|Newsstand Locations
|Classifieds
|Feedback
|About the Company
|Work@the Herald
|Site Map |
|
COMMENTS | Be the first to comment
Log in or register to post a new comment.
To read other terms and conditions, click here