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Northcut Landing Attracting Tenants

SEATTLE- Developer Pete B. Olson has tenants in hand for 70% of the office space and most of the retail space. The 90,000-sf two-building development is rising adjacent to the University of Washington and the University Village Shopping Center.

By Brian K. Miller | Updated on December 07, 2005

SEATTLE-With about a year to go before it opens, Northcut Landing, a 90,000-sf mixed-use development adjacent to the University of Washington and the University Village Shopping Center, is 50% leased. Developer Pete Olson says tenants have been signed for 70% of the office space and commitments have been for more than half of the retail space.

Located at 5001 Northwest 25th Avenue, the project will include 60,000 sf of office and 30,000 sf of retail in two, three-story buildings with underground parking for 250 vehicles. One building will front 25th Avenue and contain about 10,000 sf of retail and 20,000 sf of office. The second building will be set further back on the lot and include 40,000 sf of office and another 20,000 sf of retail.

Ground was broken for the project in the summer of 2005. More recently, Olson secured $22.5-million in construction financing through HomeStreet Capital. Completion of the $30-million project is slated for the fourth quarter of 2006. The architect for the project is Burgess Weaver and the general contractor is GLY Construction.

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