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More Residents for Downtown Everett, With 77 New Apartments

Retail follows roofs, according to an ancient adage. It implies that when new housing is built, new restaurants and shops will spring up to cater to the new occupants.

The Port of Everett launched 135 new waterfront residences this spring, giving downtown Everett a boost.

It’s receiving a boost again this fall. In downtown Everett, a new six-story apartment building that has been under construction since 2019 has opened.

Skotdal Real Estate’s Marquee Apartments at 2721 Wetmore Ave. have 77 market-rate apartments and 118 parking spots in an underground garage.

One block to the south is the Funko headquarters at 2802 Wetmore.

Craig Skotdal, head of the firm’s multi-family and retail division, expects that the Marquee will bring new and current companies to the region.

“One of the greatest ways to reinvigorate downtown Everett is to boost the residential population,” Skotdal said.

The Marquee is the company’s fourth residential development in downtown Everett in the last two decades.

For 56 years, Skotdal Real Estate has been investing in Everett.

Arthur and Marianne Skotdal, a former elementary school teacher who died in 2016, created the Everett-based property development and management firm.

According to Andrew Skotdal of The Daily Herald, the pair began with a four-unit apartment complex and built the business from there.

Skotdal Real Estate was founded by the couple in 1965.

Craig Skotdal, 48, and Andrew Skotdal, 51, president of the commercial and industrial division, now oversee the firm that their parents acquired from them from offices in the Skotdal-owned Key Bank Tower on Colby Avenue.

“They invested in downtown Everett at a time when many people felt it was dying,” Craig Skotdal said.

The Aero Apartments, a 102-unit building at 2901 Rucker Ave., was finished in 2016; the 200-unit Library Place Apartments at 2720 Hoyt Ave., which opened in 2012; and the 63-unit Peninsula Apartments at 3120 Colby Ave., which opened in 2004.

Snohomish Square, Key Bank Tower, Bank of America Building, Pioneer Place, Union Bank Building, and the Coastal Community Bank Building are among the company’s office, retail, residential, and mixed-use assets.

“We’ve attempted to help Everett reach its potential over the years by taking a long-term approach, making patient investments, and producing buildings of greater quality than what is currently supported in the marketplace,” Craig Skotdal said.

Skotdal has the option of building outside, such as in the Seattle-Bellevue area, but it has decided to stay local on numerous projects.

Everett provides cost reductions on the ground as well as the permission procedure. Otherwise, materials and construction prices are similar to those in other areas, and labor costs are comparable, according to Craig Skotdal.

“While common wisdom suggests that one should not put all one’s eggs in one basket,” Craig Skotdal explained, “we have concentrated practically all of our real estate ventures in Everett’s urban core with the purpose of having the greatest impact.” “While focusing on a single market raises our risk, it also boosts our chances for good change.”

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