Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Big plans for downtown Everett project

Pagoda Village would include 220 apartments and a year-round farmers market.

SHARE: facebook Twitter icon Pinterest icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Katya Yefimova
The Herald Business Journal
Published:
  • Excavation is under way at the future site of Pagoda Village, a $53 million apartment complex in downtown Everett that would also include a year-round...

    Chuck Taylor / The Herald

    Excavation is under way at the future site of Pagoda Village, a $53 million apartment complex in downtown Everett that would also include a year-round farmers market, a commercial-grade kitchen and an attractive public plaza.

EVERETT -- Work has begun on a downtown complex that will eventually include a year-round farmers market, a hotel and luxury apartments.
The project, called Pagoda Village, is the brainchild of Everett developer Lobsang Dargey, who owns Potala Village on Rucker and Pacific avenues and the Everett Public Market Building on Grand Avenue.
"In the north end, Everett is one of the most beautiful places you can live," he said. "To me, Everett has a lot of potential."
Dargey said he wants people to start seeing downtown Everett as a destination -- a place to shop, live and enjoy. The $53 million Pagoda Village is part of that vision.
Slated to be the first of several similar projects in the area, the complex will rise on the west side of Grand Avenue, bounded by Hewitt Avenue and Wall Street. Most of the site is the former Motor Trucks International heavy truck dealership.
Construction on the hotel portion of the project began about a month ago at the corner of Wall Street and W. Marine View Drive and is expected to take at least two more years, Dargey said.
Plans for the 60,000-square-foot Pagoda Village include 220 high-end apartments, an indoor farmers market, a commercial-grade kitchen and an attractive public plaza.
Dargey said he plans to make the kitchen available to community groups.
Granite countertops, views of the Puget Sound, an exercise room, a common area and barbecue grills are among the features planned for the apartment complex.
"We will have apartments not comparable to any others in the Everett area," Dargey said.
Original plans for the complex also included commercial office space, but that's no longer part of the project.
Path America, a company founded by Dargey, is developing the project. The firm relies on foreign investments through a government-sponsored program designed to create local jobs.
Under the program, a foreign national who invests at least $1 million or, in high poverty areas, $500,000, into the U.S. economy is eligible to become a permanent resident of the U.S.
Congress started the immigrant investor program in the early 1990s to stimulate the U.S. economy and encourage job growth, according to U.S. Citizenship and Immigration Services.
The key requirement is that each foreign family's investment must create 10 jobs, directly or as a result of the contribution, within two years. Based on an economic report, Dargey estimates that Pagoda Village will bring more than 1,000 direct and indirect jobs.
More from The Herald Business Journal: www.theheraldbusinessjournal.com
Story tags » EverettReal EstateHotels & accommodationFarms

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus