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Kent Council Authorizes Sale of Naden Avenue Assemblage to Mortenson Development
Summary
The Kent City Council on Feb. 3 authorized the mayor to sign a purchase-and-sale agreement selling the 9.2-acre Naden Avenue assemblage to Mortenson Development Inc.; the deal sets a $45-per-square-foot target (about $18.3 million) and requires a development agreement and environmental work before closing.
The Kent City Council voted unanimously Tuesday to authorize the sale of the Naden Avenue assemblage to Mortenson Development Inc., a move city officials say is intended to draw high-wage manufacturing jobs to downtown Kent.
Economic development staff presented the purchase-and-sale agreement and selection process to the council. Bill Ellis, the city's economic development presenter, cited the site's strategic infrastructure — including access to two state highways, a King County sewer trunk and an 18-megawatt Puget Sound Energy substation — as reasons the property is suited for purpose-built manufacturing facilities. “It has an 18 megawatt electric substation,” Ellis said, noting Puget Sound Energy crews were upgrading the substation as part of site readiness.
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