By Dennis Box-The Courier-Herald
Condominiums, apartments and office spaces are close to sprouting up this spring around Bonney Lake, but a drop in real-estate sales has caused one project to hit the brakes.
The initial phase of the Park Place condominium project at 7001 West Lake Tapps Hwy. across from Allan Yorke Park has been scaled back because of the poor real estate market, according to John Vodopich, director of the city's Planning and Community Development Department.
The developer, Reich Land Incorporated, has increased the total number of condominiums from 53 to 92, but city officials said their plan is to build and sell about 30 before moving to the next phase.
“They plan to build and wait until they sell,” Vodopich said.
The developers also planned to build a private marina for the residents of the condominium. According to city officials, the Department of Ecology has approved a Shoreline Substantial Development permit. The next phase will involve applying for building permits from the city.
Another apartment development is planned on a site behind Target.
Investco, a Sumner development company owned by Michael Corliss, is in the process of building the 288-unit Fennel Creek Apartments on about 14 acres.
The design includes 14 buildings. The company is currently working with the Public Works Department because a sewer lift station will be required for the project.
The Greenwood Development is building townhouses, offices and retail spaces along the 184th Avenue East extension north of Sumner-Buckley Highway.
The developers have paved the 184th Avenue extension, which will become “main street” in the planned downtown area. The builder intends to open the road in May
The Greenwood Development is the first step in the downtown plan. With 184th as the main street, the downtown would encompass an area with 184th Avenue being the west border and state Route 410 on the southeast.
If all goes as planned, the developers are hoping the building phase will be started this summer with some commercial and residential units will open this year.
Dennis Box can be reached at dbox@courierherald.com.
