It’s become more clear that Mercer Island’s plan to buy the former Tully’s Coffee site will likely come to fruition.
The council approved a fourth amendment to the purchase and sales agreement on Oct. 25. The amendment serves to move the whole process forward, but the city still awaits the outcome of clean-up investigations and discussions before making a final decision to purchase, said Ross Freeman, sustainability and communications manager.
On Nov. 19, the council is scheduled to address the process in public. Their discussion is likely to include some aspect of the process, he added.
If all things go according to plan, the city will be pay $2 million dollars for the property located at 7810 Southeast 27th Street. It will be developed for transit commuter parking, more than 100 spots, the city had planned in the past. It will be housed next to the future Sound Transit light rail station, expected to open in 2023.
The additional parking is deemed necessary, as the existing Mercer Island Park and Ride often fills by 7 a.m. on most weekdays, the city said. And the purchase price is eligible for reimbursement by Sound Transit, the city wrote in May 2018.
The original plan was to also sell city-owned property, located next to Freshy’s Seafood Shack, on the southwest corner of Southeast 24th Street and 76th Southeast. But by July 2018, the city decided to forego the project, stating the private developer could not obtain financing under the current terms of the agreement.
Earlier this year in June, the city council approved a memorandum of understanding with Mainstreet Property Group. The MOU established a conceptual deal structure and laid the groundwork for a purchase and sale agreement, and related documents, the city said.
There’s a plan to finalize the sale of the property by the end of 2019.