Everett Says Sale of Polygon Won’t Affect Riverfront Development

For years the City of Everett has been trying to develop property along the city’s east side in what was known as the Everett Riverfront Development. Everett first worked with a company called Oliver McMillan who proposed building retail, commercial, (including a huge state of the art movie theatre) and various residential configurations on the site. Then in 2013, Polygon purchased the property from Oliver McMillan. Polygon announced plans to build fewer houses on the site than called for in the original proposal. Now its been announced that Polygon Homes has been sold to William Lyon Homes out of California. Megan Pembroke, communications director for the City of Everett sent out the following press release this morning regarding that announcement…

Yesterday it was announced that Polygon Northwest, the developer of the Everett Riverfront project, has entered into a purchase-and-sale agreement to sell its entire residential-building business to William Lyon Homes of Newport Beach, CA.   Among many other assets in Washington and Oregon, this is planned to include the residential portion of the Riverfront (the Simpson site and the Eclipse Mill site).  However, Polygon is retaining all of its commercial and retail assets, including the Riverfront commercial site (the Landfill site).   The transaction between Polygon Northwest and William Lyon Homes is currently scheduled to close in third quarter of this year.   Further information about the transaction is available on the William Lyon Homes website at http://lyonhomes.com/investors/news-releases.

Polygon has assured the City that this transaction will not change the Riverfront development.   Upon the closing of the transaction, Polygon in Washington state will continue to operate under the Polygon name, but will be a division of William Lyon Homes.  Therefore, the Polygon Northwest name will remain associated with the Riverfront project, and all Polygon staff and the consultant team involved with the Riverfront residential sites will remain part of the project.   Based on this information, the City at this time does not expect the transaction to have much, if any, impact on the development of the Riverfront.  The City will continue to monitor the situation as the transaction approaches closing later this year.

It will be interesting to see the reaction of the Everett City Council at tomorrow’s meeting.

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