Seattle Commercial Real Estate News of the Day

Wednesday, August 3, 2011

Seattle Times Daily Journal of Commerce Headline
Berg enters guilty plea in Meridian fraud case Trustee’s sale set for Woodinville site of wine-themed development
Stocks now down for year as economic concerns grow · Woodinville Village was to combine four wineries, restaurants, retail, a hotel and condos on 24 acres near Chateau Ste. Michelle Winery.

The site of a long-planned wine-themed development in Woodinville will be auctioned off in a trustee’s sale at the King County Administration Building in Seattle at 11 a.m. Sept. 2.

Woodinville Village was an 840,000-square-foot project proposed by MJR Development in 2004. The plan was to combine specialty retail, a gourmet grocer, half a dozen restaurants, four wineries, a high-end hotel and spa, and 260 condos. A press release issued by the developer in 2007 said the complex would open in 2009.

Now, the 24-acre Woodinville Village site is in foreclosure, with the developers, listed as Woodinville Village Associates LLC, owing nearly $24 million for loans, interest, taxes and late charges.

Mike McClure, a partner at MJR Development, declined to comment on the sale but said the firm was “working on moving forward.”

“It’s a great piece of property,” he said of the site.

The land is at Northeast 145th Street and Woodinville-Redmond Road Northeast, across the Sammamish River from the Chateau Ste. Michelle Winery and near other big draws such as Columbia Winery, the Redhook brewery and the Herbfarm restaurant.

The 2007 version of the development proposal included Hotel Varenna, a $45 million Italian-inspired luxury hotel with a destination restaurant, culinary amphitheater, 14,500 square feet of retail and 7,000 square feet of meeting space.

When first proposed in 2004, Woodinville Village was on 18 acres and totalled 450,000 square feet. By 2007 it had ballooned to 24 acres and 840,000 square feet. The developers pegged cost of the development at $200 million.

One project in it, a 39-townhouse apartment renovation called The Villas, was completed in 2008.

In a 2004 DJC story announcing plans for Woodinville Village McClure said he wanted to make Washington wines more accessible to Washingtonians. The developers said they initially started with a 4-acre site north of the Columbia Winery and planned a three-building complex with two wineries and a restaurant.

After more wineries expressed interest, “we just moved the tenants across the valley” to a larger parcel, McClure said at the time.

The architect, Bob Tiscareno of Tiscareno Associates, did not return a call for comments.

Alexandra Sheeks, assistant to the Woodinville city manager, said the city hasn’t heard about any other proposals for the site.

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About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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