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Olsons Plan 90,000-SF Mixed-Use Development

SEATTLE-With the project more than 50% spoken for, local developers Peter and Donald Olson will start construction early next year for a two-building, office-over-retail development adjacent to the University of Washington and the University Village shopping center.

By Brian K. Miller | Updated on December 08, 2004

SEATTLE-A 90,000-sf, two-building office development will rise next year adjacent to the University of Washington and the University Village shopping center. Seattle-based developers Peter Olson and Donald Olson are planning to break ground for the $25-million development early in 2005 and complete it before the end of the year. The City of Seattle Design Review Board granted approval November 30 for the project to proceed.Northcut Landing marks the Olsons’ first mixed-use project in the Greater Seattle Area. Pete Olson is also owner and principal in PBO Properties, a property-management firm specializing in multi-family, residential real estate.Northcutt Landing will be accessed off 25th Avenue Northeast and will include underground parking for 200 vehicles. Pete Olson tells GlobeSt.com the project will include about 60,000 sf of office space on the upper floors of the three-story steel-frame structures and 30,000 sf of retail at the street level. One building will front 25th Avenue and contain about 15,000 sf of retail and 15,000 sf of office. The second building will be set further back on the lot and include 45,000 sf of office and possibly another 15,000 sf of retail. About 50% of the space, including much of the retail, is currently in lease negotiations. “We expect that by the time we break ground, we will have closer to 75% preleased or under negotiation,” he says.The architect for the project is Burgess Weaver. The general contractor is GLY Construction. Retail leasing for the property is being handled by Charles Staadecker of Staadecker Real Estate. Leasing of the office space is the responsibility of Tim Foster at Colliers International. Triple net asking rates are $28- to $40 per sf per year for the retail space and between $22 and $24 for the office space.

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