Kōz Development and MSquared recently joined with Lynnwood Mayor Christine Frizzell and city officials to cut the ribbon on Kōz on Alderwood Mall Blvd, a 199-unit mixed-income, transit-oriented development in the Greater Seattle area.

The $54 million project is located adjacent to the recently opened Lynnwood Transit Center, the northern terminus of the Sound Transit Link light rail extension connecting Lynnwood to Downtown Seattle. The ribbon-cutting ceremony marked the official launch of the development.

The project was financed with $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared, and $6 million in equity from Kōz Development investors. Kōz on Alderwood is part of the Lynwood City Center district, which is currently undergoing a redevelopment initiative. Plans call for the construction of 1,900 apartments, more than 500,000 square feet of office, and 200,000 square feet of retail space in the area.