LYNNWOOD — The Lynnwood City Council approved on Monday a plan to turn the Lynnwood Event Center and a strip mall next door into a 13-acre town center with shops, restaurants, two apartment buildings, a hotel, a park and a larger convention center.

As part of its overall approval process, the City Council unanimously approved a master plan developed by the Lynnwood Public Facilities District to create what will be called The District, $15 million in bonds for the project and a new road around the project on 194th Street SW, right off of I-5. The agreement caps more than two years of formal discussion.

The overall cost for the project is estimated at between $500 million and $540 million, but it won’t be finalized until final design work is done on the project, said PFD Executive Direct

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