Seattle Commercial Real Estate News of the Day

Monday, August 08, 2011

Seattle Times Daily Journal of Commerce Headline
Northwest companies drop along with rest of stock market Legacy looks at Delridge project
S&P downgrades credit ratings of Fannie Mae and Freddie Mac Legacy Partners Residential is eyeing an apartment project in the Delridge area of West Seattle.

The West Seattle Blog reported last week that North Delridge Neighborhood Council Chair Karrie Kohlhaas posted a message to community members about the mixed-use development.

Kohlhaas confirmed posting the information about Legacy and its development consultant, Barrientos, looking to develop a vacant property at 4040 26th Ave. S.W. She said the development team contacted her.

Legacy declined to comment.

Legacy would need to acquire the property. An LLC affiliated with Sierra Construction of Woodinville owns the vacant commercial lot. Sierra CEO Roger Collins said a deal to sell the property to Legacy has been in the works for several months.

City and King County records show Sierra bought the property in 2007 for just over $4 million, and obtained permits for a 6-story housing and retail project. Collins said his firm had planned to build market-rate apartments but couldn’t get financing.

He said a deal with Legacy is in the contingency phase. He said he is unsure when the transaction could close, though Kohlhaas said Legacy wants to complete the purchase and announce the project before September.

Collins said Sierra would not build the Legacy project. He said he thinks the “money source” will dictate who serves as general contractor.

According to Kohlhaas’ post, if the purchase moves forward it would include “nearly final” drawings, which would allow construction to start soon.

The developer is said to be looking at design revisions to make the project “more sensitive to the neighborhood,” possibly by including art, sustainability features and connections to the Longfellow Creek trail system, Camp Long, West Seattle Golf Course and Delridge Playfield.

Kohlhaas said the team is considering putting a small grocer into the retail space. Delridge has no supermarkets of any significant size. Several years ago, the Delridge Neighborhood Association used grant funds to launch a “healthy corner-store project,” which encouraged at least one small retailer to stock fresh produce.

Kohlhaas, members of the neighborhood council and other residents in the area have met with the developers, and were invited to continue working together. “My perception (so far) is that Legacy and Barrientos are genuine in their interest to hear the community and to develop a property in a way that will be supportive of the existing vision for North Delridge.”

She told the DJC the developers “listened closely and took notes” as neighbors explained the history of North Delridge and their vision for the future.

Kerry Nicholson, Legacy Northwest’s regional partner, did provide a statement to the West Seattle Blog. He said his company has wanted to develop in West Seattle for some time and thinks the site is unique. He said the team is just starting to meet with community members. “Hopefully the site will become ours and we can really roll up our sleeves and work with the neighborhood.”

In the Puget Sound area, Legacy has developed several properties including Riverpark, a $178 million mixed-use project in Redmond. Legacy developed the master plan and the apartments in Riverpark, which NAIOP named the state’s best mixed-use development in 2010.

Several years ago, Legacy developed the 248-unit Pratt Park complex in Seattle. The company sold it this year for $56 million.

In the South Sound, the company spent $13 million to reposition the 309-unit Arcadia Townhomes in Federal Way.

AIG to sue Bank of America over mortgage-backed securities
Puget Sound Business Journal
Which Seattle-area stocks are down the most?
SIFF to reopen Seattle’s Uptown Theater
City of Tacoma downgraded by S&P
Seattle-PI.com
State accuses B of A unit of thousands of illegal foreclosures
Dow closes down 634 points
‘Bleaker and bleaker’; State agencies face 10% cut
Other News
Shields Joins Kilroy Realty Corp
Waterfront Mercer Island Mansion to Be Offered at Real Estate Auction
Long-Range Housing Plans Necessary for the Puget Sound Region
Are Even More Pending Sales Falling Apart?
Seattle’s Apartment Market Heats Up
Employers Ready to Hire in U.S. Can’t Find Qualified Workers Among Jobless

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About CRE Northwest

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