Seattle Commercial Real Estate News of the Day

Thursday, October 6, 2011

Seattle Times Daily Journal of Commerce Headline
Local real estate firm bought by Jones Lang LaSalle AvalonBay buys U District site for 284 apartments and retail
New burst of office construction may start near Amazon HQ 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.

King County home sales up, median price down 8% from year ago
Puget Sound Business Journal
U.S. tech jobs decline, but not in Seattle
Jones Lang LaSalle buys Pacific Real Estate Partners
Barnes & Noble leaving University Village
Steve Jobs: 1955-2011
Where homes sell fastest in Seattle
Home sales cool but supply remains low
Other News
Next step toward selling historic former Fire Station 37
30-Year Mortgage Rates in U.S. Fall Below 4%
U.S. Apartment Vacancies Drop to Five-Year Low as Demand Begins to Slow
Top environmental designation goes to Tacoma’s tallest facility
CRE Execs More Bearish Based On Economy and Govt. Impact
Construction Spending Rises In August, But Activity Still Weak

About CRE Northwest

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