GlobeSt.com recently reported that Vulcan Inc. was close to receiving its Master Use Permit for a six-story office building with ground-floor retail at 428 Westlake Ave. Underground parking for 125 is also part of the project. Late last week, the company publicly announced that project as well as a proposal for the development of a 160-unit apartment or condominium complex.
The multifamily development is the latest in a series of projects the former Microsoft millionaire has planned for the South Lake Union neighborhood. Vulcan representatives have said they hope the area between Seattle's downtown and Lake Union eventually will become a hub for biomedical and biotech companies that also includes mixed-use areas, like restaurants, multifamily homes and retail shops.
In addition to the multifamily development and the 428 Westlake office project, Vulcan Inc. intends to build a five-story biomedical research and retail building. The 112,000-square-foot building will be developed jointly by Allen's company, Vulcan Inc., and Seattle real-estate-development firm Harbor Properties. Seattle-based Alexander Commercial Real Estate will handle the leasing.
Vulcan and Housing Resources Group also have formed a consulting agreement to aid in the construction of affordable homes in the area. The agreement calls for HRG to assist Vulcan in developing a policy framework to meet its affordable housing goals for the area as outlined in its agreement with the City of Seattle.
"We are absolutely committed to developing our properties in South Lake Union in a manner consistent with the neighborhood plan," Jim Mueller, director, of real estate development for Vulcan Inc. said at the time the agreement was announced. "We believe that a diverse range of housing types, including affordable housing, is essential to a healthy neighborhood, where people can walk to where they work and play."
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