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Vulcan Sells South Lake Union Lot

SEATTLE-The Seattle Cancer Care Alliance pays $157 per sf for a 14,000-sf lot on which it plans to develop affordable temporary housing for the families of its patients.

By Brian K. Miller | Updated on July 06, 2005

SEATTLE-Vulcan Real Estate has sold a 14,000-sf lot in the South Lake Union neighborhood for $2.2 million or $157 per sf. The property is located at the northwest corner of Pontius Avenue and John Street.The buyer is the Seattle Cancer Care Alliance, which is a joint venture of the Fred Hutchinson Cancer Research Center, UW Medicine and Children’s Hospital and Regional Medical Center. The SCCA plans to develop the site with affordable housing for the families of patients undergoing treatment. The planned six-story, 75-unit facility is expected to get under way in 2007.The SCCA already operates the Pete Gross House, a 70-unit apartment building for patients and families, located on Minor Avenue North, close to the Alliance’s outpatient clinic on the Fred Hutch campus. However, the need for housing is much greater than 70 units and hotel accommodations can be cost prohibitive, so the SCCA currently assists families in locating affordable accommodations throughout the city for stays that range from a few days to several weeks or even months. Vulcan, the real estate arm of billionaire Paul Allen, owns approximately 60 acres in Seattle’s South Lake Union neighborhood and currently has three million sf of built space either under development, completed or planned for the near future. Christian K. Shevchenko of CB Richard Ellis represented SCCA in the transaction.

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