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GlobeSt.com UPDATE: Milliken Sells Stake in 2200 Westlake to Vulcan

SEATTLE-The transaction gives the real estate company of billionaire Paul Allen 100% control of the $200-million mixed-use development and frees up Milliken to move onto to other projects.

By Brian K. Miller | Updated on August 29, 2005

SEATTLE-Milliken Urban LP has sold its interest in 2200 Westlake to lead developer Vulcan Inc. The estimated $200-million mixed-use development is under construction on a sloped 2.5-acre sight bounded by Westlake Avenue, Denny Way, Terry Avenue, Lenora Street and Ninth Avenue. Terms of the deal were undisclosed.

The project will include a 160-room five-star hotel operated by Pan Pacific Hotels and Resorts topped with 33 luxury condos, 228 additional condominium units in two 11-story towers, a 47,000-sf Whole Foods grocery store, 39,000 sf of shops and restaurants, an 8.500-sf luxury day spa and a 5,700-sf Bank of America branch. About 95% of the condominiums have been sold. Completion is expected by October 2006.

Milliken Urban president Don Milliken says his company envisioned 200 Westlake and worked for 6.5 years to bring it to reality. “The heavy lifting is done at 2200,” Milliken says. “Now…we’ve decided to accept a very good offer and move on to new Seattle projects and another in Downtown Minneapolis.” Milliken provided no more detail on the new projects, other than to say further information would be made available “soon.”

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