BELLINGHAM - With one large project completed, the Barkley Company is wasting little time getting started on the next one.
Last week the company filed a building permit application to construct a mixed-use building in the empty lot near the Scotty Browns restaurant. The project, valued on the permit at $15.6 million, will have two parking levels along with four stories of apartments totaling 112 units. It also will have about 10,000 square feet of commercial space.
If permitting and other pre-construction work go as planned, construction would start in May and take about a year to complete, said Jeff Kochman, president of Barkley Company. It's a project the company can focus on now that the Barkley movie theater is open.
"Residential is something that we are going to emphasize" in terms of future development, Kochman said.
The Cornerstone building will be about three times the size of the nearby Drake residential building, occupying much of the block. Kochman said the apartment units will be larger than the typical Bellingham unit and will have an outdoor area set aside for residents.
The market research indicates demand for the units will be varied, from working professionals and empty nesters to college students. The company determined early on in the project that apartments were a better option than condominiums. Bellingham went through a significant building phase of condos in 2006 and 2007, and this area still hasn't caught up with the supply, he said.
"We're planning to appeal to a variety of renters," Kochman said.
This project is the latest phase for Barkley's urban village concept, which started with retail, commercial and office development, followed by an entertainment center of the movie theater.
Meanwhile, work continues on the property around the movie theater. A permit application was filed to finish work in the structure on the south side of the theater that will be a sushi restaurant.
Reach DAVE GALLAGHER at firstname.lastname@example.org or call 715-2269. Visit his business blog online at blogs.bellinghamherald.com/business or get updates on Twitter at twitter.com/BhamHeraldBiz.