Seattle Commercial Real Estate News of the Day

Friday, September 23, 2011

Seattle Times Daily Journal of Commerce Headline
Stadium-lot development ready to go Goodman will raze Kent garage and build apartments and retail
: Healey put Vulcan Real Estate on Seattle map City officials in Kent say they have approved a lease/option agreement with Goodman Real Estate of Seattle for City Center. An unfinished parking garage will be demolished and 164 apartments, retail and parking will be built on the site.

The 1-acre property is at the southeast corner of Fourth Avenue North and West Smith Street.

Goodman is working with Studio Meng Strazzara on the five-story project. The rest of the team hasn’t been assembled.

The city said in a press release that the footprint of Town Square Plaza park, on the eastern half of the block, will not change.

Goodman Real Estate was selected as the developer following a competitive process.

The city said Goodman has a two-year lease with an option to purchase the City Center property at any time during that term. Goodman will demolish the garage and pay $100,000 to the city.

If Goodman exercises its option to purchase, it will pay the city an additional $802,000 in two installments. The first $540,000 would be paid at closing, and the rest when the project is built and fully leased.

The original plan was to build a 355-stall parking garage to serve a hotel, condos and retail. Work stopped in May 2007 when the prior developer’s construction loan was terminated. The city took control of the property through foreclosure last October.

The project will fill in a missing piece for downtown Kent, according to city officials.

“With Town Square Plaza park complete, having an urban mixed-use development next door will strengthen the link between Kent Station and historic downtown,” said Kurt Hanson, the city’s economic development manager. “This much-needed residential development will enliven the area and provide our downtown merchants with regular customers that don’t exist today.”

Brad Reisinger of Goodman said garage demolition will begin next month. Groundbreaking for the new building is slated for late 2012.

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About CRE Northwest

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