The acquisition from Federal Realty Investment Trust, which closed in June, included 47 apartment units a developable 55,000-sf parking lot behind Ben & Jerry's and Hasson Realty. SKB Principal Robert Scanlan tells GlobeSt.com that a pending zone change for the greater area would raise the height limit for the property from 45 feet to 120 feet, allowing for a condominium tower.

The number of units hasn't been hammered out yet, but unlike some of the larger units that have been built up the hill from Uptown, Scanlan says SKB's condo units would be in the 800-sf to 2,500-sf range, with an emphasis in the 1,200-sf to 1,500-sf range. "It's frankly where I want to live," says Scanlan of the relatively densely-populated Northwest retail and residential district.

SKB is a real estate merchant banking company SKB that acts as a fiduciary for approximately 230 investors comprised of accredited investors and small pension funds. These investors currently have in excess of $100 million invested with SKB in properties throughout the Western United States.