Hotel Developer Offers Everett $500,000 Guarantee For 10th Permit Extension

For quite some time we’ve been following developments in the City of Everett’s efforts to have a hotel built on city owned property at the corner of Wall Street and Colby Avenue in downtown Everett. The Touchstone Corporation of Seattle has been working with the city of Everett since 2008 to build a Courtyard by Marriott Hotel at that site. Since the initial agreement was signed between the city and Touchstone four years ago there have been 9 extensions granted. Now details have been released on a request for a 10th extension. Highlights of the proposal include awarding the City 48 spots in the hotel parking garage which the agreement says is worth 1.6 million dollars. In addition, Touchstone will put up half a million dollars to be paid to the city and only refundable if Touchstone secures financing by June 30th of next year and begins construction of the hotel by October 31st of 2013.

The Everett City Council will be voting on the extension next Wednesday. Council President Ron Gipson said after last night’s briefing that this was the last straw for this project if they can’t make it work. “We’re trying to give them the benefit of the doubt,” said Gipson. “If it doesn’t work we’ll open it back up for bids.” Councilman Paul Roberts said he was in support of the extension. “These have been extraordinary times,” said Roberts. “Many projects have been delayed over the last four or five years and we need to do what we can to help these move forward.”