By Meghan Hall
Demand for for-sale product—including townhomes and condominiums—has emerged as a strong market as interest rates remain competitive and buyers look to purchase before prices appreciate further. Developers are working hard to keep up with demand, acquiring sought-after development sites, including Bellevue-based Polygon Northwest Homes who recently acquired a vacant lot in Bothell. According to public documents, Polygon, affiliated with Taylor Morrison, purchased the property from Brookfield Holdings, affiliated with the Seattle Times, in a transaction that closed on September 3rd. Polygon paid $11.7 million for the site.
The parcel is located at the intersection of NE 195th St. and 120th Ave. NE, not far from Interstate 405. Parcel data indicates that the lot totals 218,691 square feet, or about five acres. The property was originally part of the Seattle Times’ North Creek Production Facility.
Polygon initially submitted an application to redevelop the parcel into 94 townhomes in 2019. Called Preston North Townhomes, the dwelling units will be three-stories in height, and each building will contain between four and eight units. Currently, the City of Bothell lists the project as “under review.” It is unclear when Polygon plans to begin construction of the property.
Polygon isn’t the only major developer diving into the Bothell market. Just south of Polygon’s planned development, on another parcel also formerly owned by the Seattle Times, Avalon Bay Communities has plans to redevelop 23.7 acres into 802 apartment units, 110 townhomes and 6,000 square feet of commercial and retail uses. An additional 15,000 square feet of amenity space will be included as well. The previous Seattle Times printing facility will be demolished to accommodate the new development.
National homebuilder Taylor Morrison bought out the Polygon Northwest brand in 2020 as part of a larger buy-out of parent company William Lyon Homes. The acquisition, which totaled $2.5 billion, made Taylor Morrison and its affiliated brands the fifth-largest homebuilder in the country. Polygon has developed an array of communities around the Puget Sound, including in Kent, Lacey, Everett, Issaquah and Renton, Wash.