Seattle Commercial Real Estate News of the Day

Wednesday, October 05, 2011

Seattle Times Daily Journal of Commerce Headline
With some optimism, retailers plan more holiday hiring AvalonBay buys U District site for 284 apartments and retail
Kimberly-Clark in talks to sell Everett pulp mill Records show AvalonBay Communities paid University District Parking Associates $12 million for a 1.3-acre site that is southwest of 12th Avenue Northeast and 47th Street in the University District.

The site is near where Sound Transit plans to build the Brooklyn light rail station. King County assesses the property at just over $6.9 million.

GGLO is designing apartments for the site. AvalonBay Communities Vice President Brian Fritz said yesterday the company has reduced the size of the project from 385 to 284 units. It will have 11,700 square feet of retail as well as parking. The number of parking stalls was not immediately available.

AvalonBay does its own contracting. Construction is scheduled to start in the second quarter of 2012, Fritz said.

He said the project will have fewer units than originally planned because the company wants to build a wood-frame complex rather than a more costly concrete and steel one. Zoning allows for construction of up to 85 feet. The height limit for a wood-frame building is 70 feet, which is how tall the AvalonBay project will be.

Service sector expanded at slower pace last month
Puget Sound Business Journal
Quadrant Homes offers electric car charging stations
Sea-Tac is world’s No. 2 airport for departure performance
Amazon Kindle Fires selling at 2,000-an-hour pace
Costco profit up, and so are membership fees
Oil rises on positive signs for Europe economy
Treasurys decline after promising economic data
Other News
Griffin Capital Sells Waterford at the Lakes Apartments for $37.6M
Siemens Sells Issaquah Industrial for $19.7M
Essex Property Trust Closes on $151M Acquisition of Archstone Apartments
Seattle apartment developer donates $1 million to BSU
Redfin pulls agent Scouting Reports
The Self-Sufficient Office Building

About CRE Northwest

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