After acquiring the mostly vacant Houghton Village Shopping Center last week, the City of Kirkland has announced plans to convert the space into a mixed-use facility with affordable housing as well as space for local nonprofit organizations. According to public records, the City bought the site for $14 million, or about $799 per square foot. The property was sold by Houghton Village Partnership LLP, an entity linked to Frederick M. Repass.
“The acquisition of this property at a competitive price in the heart of a walkable neighborhood near Terrace Park, Lakeview Elementary School, the Cross Kirkland Corridor, the Metropolitan Market and the Google campuses with access to frequent transit service offers the City a unique opportunity to enhance the future of this neighborhood while meeting community priorities,” the city stated in a memorandum published on June 3.
The property is located at 10702 NE 68th Street and totals 17,530 square feet. Originally developed in 1958, the property is situated West of Interstate 405, just across the street from additional retail, including a Bank of America, a grocery store and a Starbucks.
According to the City, the acquisition of the site was financed using a three-year interfund loan, giving the city more time to strategize ideas for the site, receive community input and select development partners.
In the meantime, the City will continue to lease the space to current occupants and look to find tenants for the vacant spaces, focusing primarily on nonprofits that serve the surrounding community. While ideas for how to develop the site hang in the air, the City will not use the site as permanent supportive housing.