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Equity Partner Takes Control of $50M Capitol Hill Project

SEATTLE-HAL Real Estate Investments, the equity partner in an imminent $41-million multifamily development on Capitol Hill, has taken full ownership and control of the project and the property, heretofore in the hands of Fortune Group, a merchant builder that has had to cut back operations sharply in recent weeks.

By Brian K. Miller | Updated on September 16, 2003

SEATTLE-An imminent $41-million multifamily development on Capitol Hill has been taken over by the project’s equity partner, locally based Hal Real Estate Investments.

A company source tells GlobeSt.com that locally based Fortune Group, heretofore the developer of the project, didn’t fulfill its contractual obligation related to the partnership and “no longer has an equity interest in the project,” but that the project is now 100%-owned and controlled by an entity of Hal Real Estate Investments and still moving forward. “We are still in the process of securing financing,” he adds. “We hope to break ground in the next two months.”

The Capitol Hill projects will be at the corner of 15th Avenue and Pine Street, on the site of a former grocery store on the north side of Pine Street and a surface parking lot on the south side. On the north side, Fortune will develop 153 entry-level condominiums that will average 700 sf and sell for an average of $235,000. The $32-million project (including land costs) will rise in two phases, with 89 units in the first phase. On the south side, a 59-unit apartment building will be constructed. That project is estimated at $9 million (including land costs).

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