On June 30, City Lab published an article on how developer Avalon Bay is converting a portion of the 41-year-old Alderwood Mall outside of Seattle into housing. The article highlights the financial stress retailers and mall operators around the country are facing in the post-COVID-19 economy. Avalon Bay is developing a 300-unit apartment complex with underground parking on the shopping center site, which will still include 90,000 square feet of retail. “This project is a great example of evolution in the shopping center industry,” says a spokesperson for Brookfield Properties, which owns the property and is collaborating with AvalonBay Communities, Inc. on the residential component.
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