A partnership of The Union Group and David Hoy of HMI Inc. is developing Broadway Plaza, a mixed-use development with 11,000 sf of retail space below 57 upscale apartment units. The building is scheduled for delivery this time next year.
Union Group partner Marty Nelson tells GlobeSt.com that the partnership, named Broadway's End, paid about $4 million for the former gas station site after it was decontaminated and will spend another $7.5 million developing Broadway Plaza, which the partnership intends to hold long term.
The architecture firm Weber + Thompson designed the four-story, 44-foot-tall building and grounds, which features a public plaza with a water fall. The building itself will comprise brick and stone, slate and tile, concrete accents and steel decks.
The project was originally designed as 65-foot-tall in order to accommodate an extra floor for the nearby Susan J. Henry Library. While community planners promoted the idea, neighborhood groups hotly contested the proposed height and ultimately nixed the idea.
The original plans also called for 51 condominium units, not 59 apartments. Nelson tells GlobeSt.com that he made the change six months ago in response to the current economic climate. The apartments will rent for about $2 per sf. The triple-net asking rate for the retail space will likely be in the $30 to $35 range, says Nelson, adding that there is a long list of good-credit tenants interested in leasing space.
The Union Group consists of Nelson and Ron Lien, who have developed residential projects on Queene Anne, Shilshole Bay and, most recently, in Downtown Bellevue. Prior to forming the Union Group, Nelson and Lein operated L&N Properties. They have been partners for 18 years. Hoy's HMI Construction will act as the general contractor for Broadway Plaza.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
