Two adjoining properties at the southwest corner of 228th Street Southwest and 44th Avenue West have been listed for sale for $4.5 million, NextMLT reports.
After being operated as a store called Handy Mart for many years, the store on the corner property shut down in 2015 due to unpaid tax bills and the 0.54 acre property was listed for sale for $1.3 million. In 2017 it was ultimately sold for $645,000 to an LLC called Mountlake 228 associated with Alan Clark. Clark and his partners were also the previous owners of the former Rogers Market property and Clark currently owns an undeveloped parcel at the northeast corner of 58th Avenue West and 232nd Street Southwest near the city’s Civic Campus site.
Throughout 2017, Clark’s team began developing a concept for a project called MLT 228 to redevelop the Handy Mart site with two commercial buildings show in the image below.In 2018, the project footprint expanded to include an additional parcel (the current Terrace East Apartments) that wraps around the former Handy Mart site. The expanded project included larger commercial buildings and two additional buildings containing 124 residential units show below.
The sale of the 1.82-acre Terrace East Apartments property finally went through in November 2019 for $2.85 million. But by then Clark and his partners were in the midst of a lawsuit regarding these and other properties they owned together. At that point King County District Court appointed a receiver, an independent third party, to oversee the property. The court recently authorized the receiver to list the MLT 228 properties with Kidder Mathews.
The future of the MLT 228 concept is unknown as there were several components of the project that didn’t meet current zoning requirements. The listing describes the property as follows:
Mountlake 228 is a 102,801 SF site located at 4404 228th St SW & 22802 44th Ave W, Mountlake Terrace, WA 98043. Comprising two parcels, one parcel is occupied by a 14-unit apartment complex offering attractive in-place income while providing flexibility for future development. This offering provides buyers the opportunity to purchase the property free and clear of existing debt. This offering is priced at $4,500,000.
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