Coming soon to Everett, 430 apartments at former Kmart site [View all]
EVERETT — More than 400 apartments are replacing a former Kmart on Evergreen Way. The new complex, slated for completion in 2023, is income-restricted and meant for workers earning about half of the area’s average wage.
“It’s a great opportunity to take a vacant, big-box store and convert it into a better use,” said DevCo, Inc. President David Ratliff, who runs the Bellevue-based real estate investment company building the complex.
Heartland Construction began building the 430-unit complex last month at 8102 Evergreen Way in Everett, near Highway 526 aka Boeing Freeway. The incoming complex, called Four Corners Apartments, is near Cascade High School and Evergreen Middle School. The first tenants can begin moving into the apartments in 18 months, Ratliff said.
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The apartments are income-restricted and only available for people who earn less than 80% of the area median income in Snohomish County. Ratliff said the apartments are available on a “first come, first served” basis for qualified tenants, but the entire complex must average 60% of the area’s median income.
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