SEATTLE--(BUSINESS WIRE)--Shraga Biran, the visionary behind the proposed mixed-use community at Point Wells (www.pointwells.com), said an April 10 ruling by the Washington Supreme Court represents a new catalyst for the transformation of the aging industrial site on Puget Sound near Seattle.
By a 6-3 vote, the Court affirmed a prior decision of the Court of Appeals and dismissed challenges to the developer’s ability to proceed with the processing of its Urban Center development application in Snohomish County.
“We are engaged in a process of metamorphosis and renewal, with a focus on creating an exemplary, environmentally-conscious community the entire region will take great pride in. The ruling is a major step in making that a reality,” said Biran, a primary shareholder of the Alon Group. Based in Israel, its holdings include Blue Square Real Estate Ltd., a major international developer of real estate, and its local development entity, BSRE Point Wells, LP.
BSRE Point Wells is proposing a dynamic mix of retail and office space with up to 3,081 apartments and condominiums of all types and sizes on the 61-acre waterfront site. If approved by Snohomish County, development and construction could span more than a decade and would provide new public access to the site’s three-quarter-mile stretch of beach, existing pier and newly-created amenities.
The property currently hosts the marine fuels distribution center and asphalt facility of Paramount Petroleum Corporation and has no public access due to security restrictions.
“Our goal is to create a world-class showcase of restored natural habitats, public amenities and transportation options that will dramatically enhance the site far beyond its current use and limitations,” said Biran.
He cited the importance of ongoing outreach efforts by the local development team, overseen by Blue Square Real Estate CEO Ze’ev Stein, to engage local policy-makers and nearby residents. BSRE is devoting extensive development resources to the project, including cooperative efforts with Snohomish County in drafting project-specific environmental review documents for the County’s decision-making process and identification of potential traffic impacts and mitigation in conjunction with the nearby City of Shoreline.
The internationally-recognized architecture firm of Perkins+Will, with extensive expertise and experience in designing environmentally sustainable projects, has developed initial site design concepts for the proposed community.
“With its spectacular waterfront setting offering vistas of Puget Sound and the Olympic Mountains, our entire team recognizes this is a location with unique and rare characteristics,” said Biran. “Our goal is to incorporate innovative development ideas with a vision for a new Point Wells.”
Biran said the estimated billion dollar project will generate hundreds of jobs in Snohomish and King Counties during the multi-year remediation, development and construction process.
Over the past 20 years, Biran has played a pivotal role in the initiation and development of over 10 million square feet of complex residential and business centers, often by upgrading neglected properties to create dynamic, mixed-use neighborhoods across Israel and Europe.
