[3] Key Bank Tower is located at 2707 Colby Avenue, adjacent to the Everett Performing Arts Center.

[9] Key Bank Tower was originally part of the "Colby Square" development, a project intended to revitalize downtown Everett, which had declined since the construction of the Wall Street Building in 1979 as the city's growth suburbanized to the south.

[10][11] Announced on May 1, 1991, the project was developed by Colby Square Partners, a partnership between JDH Limited of Bellevue and Duryee Group of Everett, and designed by Seattle-based architecture firm NBBJ with funding from the AFL–CIO trust;[11][12] it was later scrapped except for the building itself.

[13] With SDL Corporation of Bellevue as the general contractor, construction started on June 2, 1993, with the demolition of the Pay 'n Save store in a groundbreaking ceremony.

[12] The building underwent foreclosure in 1995 by the AFL–CIO trust after SDL sought payment for cost overruns due to the accelerated development schedule; it was subsequently purchased by Skotdal Real Estate in 1997.