Home Industry News MainStreet Property Group Sells Downtown Bothell Site to Toll Brothers for $8.55MM

MainStreet Property Group Sells Downtown Bothell Site to Toll Brothers for $8.55MM

Seattle, Puget Sound, Toll Brothers, MainStreet Property Group, Bothell
Image courtesy of gobothell.com

Toll Brothers Plans 45 Townhomes; Creates First New Homeownership Opportunity for City in Revitalized Downtown Core

(EDITOR’S NOTE: According to public documents, the sales closed on February 6, 2017, and the sale price was $8,550,000.)

Bothell, WA, February 27, 2017 – MainStreet Property Group LLC (www.mspgroupllc.com), a Kirkland-based developer, today announced it has sold a project that will become 45 luxury townhomes in downtown Bothell to award-winning homebuilder, Toll Brothers (www.TollBrothers.com). Terms of the deal were not disclosed.

The project is located two blocks west of the heart of downtown at Bothell Way and next to the King County Library. Homeowners will have the opportunity to live in one of the Eastside’s most walkable and vibrant emerging neighborhoods. Within close proximity is Bothell’s Volunteer Park, the 18-acre waterfront Park at Bothell Landing, the 27-mile Burke-Gilman Trail and the 128-acre University of Washington Bothell campus.

Also nearby is the recently-remodeled McMenamins Anderson School, which features six bars and four restaurants, a 72-unit hotel, a public pool with free access to Bothell residents and a first-release movie theater.

MainStreet Property Group completed the development of the community where Toll Brothers will build the townhomes earlier this year. Toll Brothers is expected to begin construction of the townhomes in spring 2017.

“Toll Brothers is one of the leading homebuilders in the region and their reputation for quality homes, great customer service and attention-to-detail sets them apart,” said MainStreet Property Group President Kelly Price. “We’re strong supporters of Bothell and continue to have significant development and construction interest in this market. We’re proud to have played a role in helping the downtown core transform into a walkable, energized place to live, work and recreate – and we’re excited to see what Toll Brothers is going to do on this site.”

MainStreet Property Group recently built and sold the 203-unit Six Oaks residential mixed-use building in downtown Bothell and currently owns and operates a 115-unit building, The (104) (www.liveatthe104.com). The firm is also currently constructing The Junction (www.junctionbothell.com), a 130-unit apartment building with 30,000 sq. ft. of retail and office, and also owns several properties in Bothell fronting NE 185th, Horse Creek Plaza and the soon-to-be constructed Pop Keeney Boulevard.

An award-winning Fortune 600 company, Toll Brothers has built luxury homes in communities around the country since 1967. They are currently selling 10 new home communities in the Puget Sound region, including Timber Creek and Pipers Glen in Bothell, and will be opening additional communities in 2017.

“The City of Bothell’s vision for revitalization is truly tangible—and we think it is one of the most exciting cities in the region,” said Toll Brothers’ Division President Kelley Moldstad. “As cities around the region work to create walkable, amenity-rich downtown cores, opportunities to live near these dynamic environments are mostly for renters. Our community addresses what we believe is an unmet need for new homeowners to also live within close proximity to Bothell’s downtown redevelopment.”

The City of Bothell is hitting its stride in one of the largest publically-led downtown revitalizations in Washington State. As part of the downtown Bothell vision, the City has sold nearly a million sq. ft. of land for development, consistent with the vision the Bothell community established. The City has also completed public investments totaling more than $150 million.

The City currently estimates that more than $350 million in private investment has been built, is planned or is under construction within Bothell.

About MainStreet Property Group LLC
MainStreet Property Group LLC (MainStreet) is a real estate development firm dedicated to the vision, construction and operation of high-quality mixed-use properties. With an eye on maximizing the long-term value of each property, MainStreet’s team of experienced professionals strives to acquire, develop, construct and operate properties in niche locations, complimenting and respecting each property’s natural and developed surroundings. MainStreet’s current project portfolio includes The Carter in Redmond, Wash., The LINQ Lofts + Flats in Kenmore, Wash., The Spencer 68 Apartments + Lofts in Kenmore, Wash. and The 104 in Bothell, Wash. MainStreet’s family of companies also includes general contractor GenCap Construction Crop. and property management company Insite Property Solutions LLC.

About Toll Brothers
Toll Brothers, an award-winning Fortune 600 company founded in 1967, embraces an unwavering commitment to quality and customer service. Toll Brothers is currently building in 20 states nationwide and is a publicly owned company whose stock is listed on the New York Stock Exchange (NYSE: TOL). In FORTUNE Magazine’s 2016 Survey of The World’s Most Admired Companies®* Toll Brothers was ranked #6 worldwide across ALL INDUSTRIES in Quality of Products/Services Offered after Apple, Walt Disney, Amazon, Alphabet, and Nordstrom, and before Netflix and Facebook. In the same 2016 survey, Toll Brothers was named the #1 Home Builder Worldwide. The Company is named one of America’s Most Trusted® Home Builders by Lifestory Research†. Toll Brothers was also recently honored as national Builder of the Year by BUILDER magazine, and was twice named national Builder of the Year by Professional Builder magazine.