Harold Javete, an owner of Saxe Floral and a project manager with Lorig Associates, says the $7.5-million project will include a 33-unit apartment building with 2,000 sf of ground-floor retail as well as 32 for-sale townhome units in eight three-story buildings.
Lorig expects to start construction at the Saxe site in the second quarter of this year and complete the project in early 2004. The Javete family will manage the apartment building. A residential brokerage firm will likely be hired to sell the townhome units. Construction financing is still being hammered out, but will likely come from a local bank.
Saxe Floral, which has been located at the site since 1917, will reappear without its nursery in the ground-floor retail space. The project should mesh well what's already underway along the street.
Next door, the site of the longstanding Varsity Inn restaurant is being redeveloped into another residential-over-retail project. As with Saxe Floral, the Varsity Inn will reopen on the ground floor of the new building. Another block or two down the street, the owners of Elliot Bay Bookstore in Downtown Seattle have taken over the former Puget Consumers Coop location and turned it into a cafe and bookstore.
Javete, a former commercial real estate broker, began the Saxe redevelopment on his own realizing he needed professional expertise. "I kept talking to people about finding a partner and (Lorig's) name just kept popping up as a company who worked well in joint ventures with owner users," Javete told GlobeSt.com in December, when the Master Use Permit was granted.
A contractor has not yet been chosen for the project. Compass Construction is providing pre-construction services. Mithun is the architect.
Lorig's recently completed projects include Uwajimaya Village in Seattle's International District, Radford Court at the University of Washington, Emerson Hall at Seattle Pacific University and The Village at Overlake Station, a transit oriented mixed-use development in Redmond.
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