Residential developer Val Thomas Inc. tells GlobeSt.com it paid $1.2 million for the property and now is in the midst of spending $8.2 million more to develop the site, including $2.1 million in soft costs. US Bank is the lender on the project.
The project is called 19th Avenue Lofts. Half the units in the three-story building, high-ceiling project will have balconies and bay windows looking east and southeast. The designer is Johnson Architecture. North Coast Enterprises is the general contractor.
Information on the number of presales was not immediately available, though a news release states that "the first buyers will attend the ground breaking," which is scheduled for this afternoon.
Completed projects by Val Thomas include Klee Lofts, Pike Lofts, the Broadway Market and the Queen Anne School apartments. This past March, Val Thomas received design and environmental approvals for a six-story, 134-unit residential-over-retail development on the former Fratelli's dairy property at 19th Avenue East and East Madison Street. The 180,000-sf structure is slated to have 20,000 sf of ground-floor commercial space and parking (partially underground) for 187 vehicles.
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