EVERETT — Construction on a new apartment complex at 3214 Broadway is scheduled for the spring.
The work will take about a year and a half, said Dave Sinnett, of American Property Development, an affiliate of American Capital Group in Bellevue.
He sees the project as contributing to Broadway’s revitalization. The location was attractive in part because of the nearby bus and rail lines, he said. The site is currently vacant.
“We look forward to starting construction and adding to the community,” he said.
Designs call for 140 units. Tenants will have access to a cafeteria, gym and large patio. Two secured garages are planned, with a total of 220 parking spots, in addition to bike stalls.
The building will be eight stories tall, with seven of those visible from Broadway, Sinnett said. The color scheme is described as vibrant blues and grays with pops of yellow.
As part of a long-term tax credit, 28 units will be priced based on income. The rest will be leased at market rates.
The city has approved the designs. Permits remain under review.
The project could be worth an estimated $24.5 million, according to the website Build Zoom, which monitors permit filings. The developer declined to share an updated figure.
Day-to-day operations at the complex will fall under American Property Management, also an affiliate of American Capital. Initially, all the units were aimed at seniors.
That designation is no longer in place.