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|
|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|