(To read more on the multifamily market, click here.)
SEATTLE-Come next spring, Harbor Properties Inc. will have two six-story apartment projects under construction in the University District. The locally based developer and local money partner Jim Sepic began moving dirt in October for Helix, a 77-unit complex on 12th Avenue Northeast south of Northeast 50th, and will start construction in April for Ellipse, a 72-unit project that will rise a short ways further down 12th Avenue.
Harbor EVP and chief development officer Denny Onslow tells GlobeSt.com that both development sites were acquired with Master Use Permits in place, which saves the new owner several months of permitting. While Onslow didn't discuss the specific purchase price for his properties, with MUPs in place such parcels have been selling for between $35,000 and $40,000 per unit that can be built.
Harbor acquired the land for Helix in April 2005. It will have 19,000 sf of street-level retail because of its proximity to Northeast 50th Street, a main east-west corridor through the district. Completion is slated for late 2006.
Land for the Ellipse was acquired about four months ago. Slated for a mid-2007 completion, it will have a below-grade parking garage accommodating 72 vehicles and ground floor town homes instead of retail because of its location further down the side street, says Onslow. In addition, the project has been approved for a 10-year property tax exemption. In exchange, 30% of the building will be held for people earning no more than 70% of the median income.
Harbor Properties is focused on urban infill projects designed to attract urban dwellers who embrace eco-friendly residential features. To that end, Harbor utilizes low-emission and sustainable products and features such as rooftop p-patches. In addition, Harbor projects are located within walking distance of necessary services such drug and grocery stores, local transit systems, libraries, restaurants and movie theaters.
The Ellipse project team consists of building architect Baylis Architects; general contractor Compass Construction; structural engineer CT Engineering; in addition to project developer and co-owner Harbor Properties.
The Helix and the Ellipse are among several apartment projects in the works for the University District. Earlier this year, local attorney Tom Ferguson, owner the historic seven-story Wilsonian Apartments on University Way since 1975, began planning a new building immediately north of the 1920's-era building. Ferguson's architect for the project, Roger Newell AIA, has applied for a master use permit for a seven-story mixed-use building that would replace the Wilsonian ballroom and several one-story retail buildings.
As currently proposed, those structures would be torn down and replaced with 125 below-grade parking spaces, 9,000 sf of first-floor retail, 16,300 sf of office on the second floor and 125 apartment units on the top five floors, of which 20% would affordable. A Master Use Permit is still being sought for the project.
Down the street, at Northeast 42nd Street and University Way, locally based Unico Properties is preparing its own mixed-use development. The company has control of a 16,500-sf parking lot for which it is planning a $15-million, six-story structure with three floors of apartments (48 units) over three floors of office (15,000 sf) and retail space (10,000 sf).
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
