According to an agreement announced in September between the museum and the bank, WaMu would own and occupy the 800,000-sf office tower, the entrance for which would be on 2nd Avenue. SAM would own and occupy 275,000 sf at the base of the building that would be connected to the existing museum and accessed off 1st Avenue. The two would jointly own the 800-slip underground parking garage.
The general plan is for Pine Street Group LLC and the Seneca Real Estate Group to begin construction in early 2004 for completion in 2006.
In early November, the City Council affirmed the agreement by clearing some regulatory roadblocks. In addition to getting the EIS researched, written and approved, the project still needs to navigate the city's design review process.
Comments on the Master Use Permit application can be submitted until March 9. On March 19, the first scoping meeting will be held with regard to the EIS. Written comments on the Determination of Significance will be accepted until March 21.
The agreement between WaMu and SAM also includes WaMu acquiring from SAM the parking garage at First Avenue and Union. A future development there would include more expansion space for the museum and more office space for the bank.
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