Allen's fondness for the area began in the early 90s when he acquired 10 acres for the Seattle Commons initiative. Envisioned as 85-acres of mixed-use redevelopment and improvements, including a 60-acre park, the $230 million project was eventually voted down, and the land purchased by Allen reverted back to Vulcan Northwest under his agreement with the Seattle Commons.
Vulcan then created City Investors LLC, the purpose of which was the continued acquisition and development of properties within the South Lake Union and Denny Triangle neighborhoods of Seattle. To date, including the initial acreage, local real estate experts estimate that the company has expended more than $125 million on property acquisitions just within the South Lake Union area. Other major landowners in the area include the Seattle Times and Pemco Insurance.
Vulcan's Jim Kelley tells GlobeSt that City Investors has, as yet, no overall master plan for development--other than the South Lake Union Neighborhood Plan, propagated by area residents and businesses and adopted by the City of Seattle. "City Investors' biggest desire," says Kelley, "is to develop properties that we control in the area in a way that's consistent with the neighborhood's plan and the community's desires."
In keeping with the plan's intention to "build neighborhood," City Investors will develop a mix of residential, office and educational projects. "We certainly do see it as an underdeveloped area … and believe it has an exciting future," he adds.
City Investors has commenced planning for some projects, such as the Terry Avenue Technology Court, which it is developing as a 50/50 effort with Bellevue-based Schnitzer Northwest. As designed the project bounded by Harrison on the south and Mercer Street to the north will consist of four buildings totaling 500,000 sf and ample public spaces. It is scheduled for completion in the fall of 2002.
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