$26M Welch Plaza Apartments Coming to Fruition

SEATTLE-A $26-million residential-over-retail project by locally based Lorig Associates LLC the non-profit Central Area Development Association is coming to fruition over the next four months at the busy intersection of 23rd Avenue South and South Jackson Street.

The first of three buildings that comprise the 162-unit project will be ready for occupancy next month, with the remainder coming online in January 2004. The commercial space, located on the buildings’ ground floors, totals 18,000 sf. Washington Mutual is the first retailer to commit, leasing 2,500 sf in one of the two buildings being delivered in January. The space is being marketed by Lorig at annualized triple-net rates ranging from $15 to $23 per sf. Lorig Management Services, the property manager for the project, says it is in negotiations with tenants for approximately 80% of the space.