Wednesday, May 15th, 2013
A local farmer’s market is what Snohomish County’s farmers have been saying they need for years. Thanks to developer Lobsang Dargey, it’s what they’re finally getting.
Pagoda Village, a 425,000 sq ft mixed use development that includes a hotel and 220 apartment units, as well as the year-round farmer’s market with a commercial kitchen and two restaurants, broke ground last fall and is expected to be completed within 18 months, just in time for spring of 2014.
The distribution center at the market is intended to be a way for local farmers to compete with out-of-state crops; currently, for example, local grocery stores are selling lettuce trucked in from California, which doesn’t help the local farmers or the local consumers the way that being able to locally distribute in volume would.
Financed thus far entirely by EB-5 investors from China, the development is clearly going to enhance Everett’s downtown and its community life while allowing the city to focus their money on other improvements to the downtown core, though they are considering targeting the Pagoda Village hotel with federal new market tax credits the city secured several years ago. A condition of EB-5 investment is that the investors must put at least $500,000 into a project that will create 10 or more new jobs, a figure Pagoda Village is easily going to exceed, and by quite a lot.